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Check if it can rise above the long-term uptrend line (1)

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(ETHUSDT 1D chart)

In order to turn into an uptrend, the price must rise at least above the long-term uptrend line (1) and maintain the price.

Accordingly, the key is whether there is support near the 2706.15-2879.90 section.

If not, and it falls, the key is whether there is support near 2403.24.

The reason is that it has fallen from the long-term uptrend line (1) and is located below the M-Signal indicator on the 1D, 1W, and 1M charts.

Then, you need to be careful because there is a possibility of a step downtrend.

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Thank you for reading to the end.
I hope you have a successful trade.

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- Big picture
I used TradingView's INDEX chart to check the entire range of BTC.

(BTCUSD 12M chart)

Looking at the big picture, it seems to have been maintaining an upward trend following a pattern since 2015.

In other words, it is a pattern that maintains a 3-year uptrend and faces a 1-year downtrend.

Accordingly, the uptrend is expected to continue until 2025.

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(LOG chart)

Looking at the LOG chart, you can see that the uptrend is decreasing.

Accordingly, the 46K-48K range is expected to be a very important support and resistance range from a long-term perspective.

Therefore, it is expected that prices below 44K-48K will not be seen in the future.

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The Fibonacci ratio on the left is the Fibonacci ratio of the uptrend that started in 2015.

In other words, it is the Fibonacci ratio of the first wave of the uptrend.

The Fibonacci ratio on the right is the Fibonacci ratio of the uptrend that started in 2019.

Therefore, it is expected that this Fibonacci ratio will be used until 2026.

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No matter what anyone says, the chart has already been created and is already moving.

It is up to you how to view and respond to this.

If the ATH is renewed, there are no support and resistance points, so the Fibonacci ratio can be appropriately utilized.

However, although the Fibonacci ratio is useful for chart analysis, it is ambiguous to use it as support and resistance.

The reason is that the user must directly select the important selection points required to generate Fibonacci.

Therefore, since it is expressed differently depending on how the user specifies the selection points, it can be useful for chart analysis, but it can be seen as ambiguous to use it for trading strategies.

1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (when overshooting)
4th: 134018.28
151166.97-157451.83 (when overshooting)
5th: 178910.15

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Trade active

#ETHUSDT

The area around 1941.90 is an important support and resistance zone.

If it falls below this zone, it is expected to enter the mid- to long-term investment zone.

In order to turn upward, it must rise above the M-Signal indicator on the 1M chart.

Note

(1M)

The area around 1941.90 is an important area to maintain this uptrend.

(1W)

Accordingly, if it leads to further decline,
1st: 1678.12
2nd: 1340.12
Whether there is support near the 1st and 2nd above is the key.

readCrypto

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readCrypto

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