ETH price (Dec 29 to Jan 4) - H1 Chart
ETH may seen to be getting out of the price consolidation since Dec 18 and price may continues upwards to level of 140.5 (the next resistance level)
Notice that price had also been creating higher lows and may potentially form an ascending triangle, indicating the bulls are attempting to push prices up.
Bullish view
For indication of entry into the market, I like to see price breaks out of the small ascending triangle (drawn in orange) and closes above level of 134.7 first. Within this secondary ascending triangle, price had also form gradually towards the upward trend, indicating that Bulls are willing to accommodate and buy at higher price to potentially push the instrument upwards.
If this fulfills, I will look to enter into the market with TP at 140.5/ SL at 130.5
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X
Notice that price had also been creating higher lows and may potentially form an ascending triangle, indicating the bulls are attempting to push prices up.
Bullish view
For indication of entry into the market, I like to see price breaks out of the small ascending triangle (drawn in orange) and closes above level of 134.7 first. Within this secondary ascending triangle, price had also form gradually towards the upward trend, indicating that Bulls are willing to accommodate and buy at higher price to potentially push the instrument upwards.
If this fulfills, I will look to enter into the market with TP at 140.5/ SL at 130.5
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X
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