Ethereum... mid term channel Vs. short term pennant

Hi everyone

what I see now on the chart, price is moving into an ascending pennant

but also is moving into a bigger descending channel.

what Indicators show us at the moment is a bullish sentiment at the market.

DMI ( Directional Movement Index) on 4H still positive in daily chart positive

price is now moving above Ichimoku cloud and 200MA both sign for bull trend on

4h time frame. on daily chart on the other hand still has work to do turning

to the steady longer time frame of a bull trend.
............................................................................................
So what to do?

my strategy is pretty simple. if the price touches the under line of the pennant

and pull back upward I take long position. if not wait to see what's next

our main support level for now is 2835$ below that level indicates the descending

channel is more important to look. above 3070 bulls have also upper hands.

so my green circle on the chart is a critical area to look.


Enjoy the market

Đóng lệnh: dừng lỗ:

our stop hit and even dropped below it , the last chance of holding the price is 2730$ support level if not price will drop more. update later for support and resistant levels.