ETH - Trigger for a Trend-Following Setup ❗️

10 Apr 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📌on H4: Left Chart
As per my last analysis, we know that ETH is overall bullish trading inside the rising channel in orange.

As mentioned, we are waiting for ETH to approach the lower orange trendline and demand to look for trend-following buy setups on lower timeframes.

📌on H1: Right Chart

ETH is now in a correction phase trading inside the falling broadening wedge in red.

For the bulls to take over again, to start the next bullish impulse, we need a break above the last major high and red trendline in red.

📉 Meanwhile, until the buy is activated, ETH can still trade lower to test the orange trendline and zone.

Which scenario do you think is more likely to happen first? and why?

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich