Thoughts on ETH - upward channels and downward channel
Updated
Eth seems to be traveling in 2 opposing channels. A narrow upwards channel, and we might be forming a wider downward channel. The channels provide good support (entry) and resistance exit areas. We are currently in the upper half of the downward channel and the longer we stay there, the higher the probability to break out of it.
The yellow arrow shows just one potential scenario that I think has a fairly high probability.
The yellow arrow shows just one potential scenario that I think has a fairly high probability.
Note
The target of the upper end of the channel has been reached. Break out from here and closing above the channel would be very bullish, but based on the ETH vs BTC chart, more probable would be a pull back from here.
Trade closed: target reached
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