$ETH Is Anything Left in the Tank (Channel Inside!) $BTC $XRP
Ethereum has had a beautiful rally the past week and currently is in Blue Sky territory consistently making new high after new high.
As such, ETH has revealed the channel it is currently trading in setting a very profitable range for investors and traders alike.
As long as ETH trades within the boundaries it will remain in a bullish setup.
However there are two other scenarios to be aware of and here are the triggering events to watch for..
If Price action falls outside of the lower bound around about 1260 area then ETH will likely have a trend reversal and begin to consolidate this monster run
If price action trades above the upper bound around about 1500 then ETH will likely begin a parabolic advance
Note - Stochastic RSI hanging at the bottom of this movement which indicates this could be a local bottom before a rally continues through the channel.. Look for this to start curling up as price action moves forward to confirm the move.
Also, MACD Histogram is beginning to show oversold signals which could also confirm another push through this channel to the upside.
Not financial advice.
As such, ETH has revealed the channel it is currently trading in setting a very profitable range for investors and traders alike.
As long as ETH trades within the boundaries it will remain in a bullish setup.
However there are two other scenarios to be aware of and here are the triggering events to watch for..
If Price action falls outside of the lower bound around about 1260 area then ETH will likely have a trend reversal and begin to consolidate this monster run
If price action trades above the upper bound around about 1500 then ETH will likely begin a parabolic advance
Note - Stochastic RSI hanging at the bottom of this movement which indicates this could be a local bottom before a rally continues through the channel.. Look for this to start curling up as price action moves forward to confirm the move.
Also, MACD Histogram is beginning to show oversold signals which could also confirm another push through this channel to the upside.
Not financial advice.
Penafian
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