The price moves upward in an ascending channel. Now we can see that the market is near a possible reversal zone formed by the top border of the price channel and 265.00 resistance level. Probably we'll see see price reversal from this zone with further short term downward movement. As we have a confirmed uptrend, we should search for entry levels for buying. The zones for possible trades, where the price can be reversed after downward movement, are at the middle and the trend lines of the ascending channel. If the market drops to one of these zones, we should be ready to buy based on a reversal signal. Stop orders must be placed below the local swing low. Profit target should be at the top border of the price channel and the resistance zone. Don't forget that all reversal signals must be confirmed by RSI reversals.
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When price breaks the top border of a price channel, it's a confirmation of strong upward movement. But for opening long trades we still need a short tem retracement to the middle or the trend lines of the price channel.
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The price broke the possible reversal zone and moved higher. It a confirms that we have a very strong upward movement. The next reversal zone is at 300.00 resistance level.
Market is already showing that prices are leaving the channel slightly.
Could we be in a ascending triangle? (resistance is same of Jul 18 around 270 USD)
If so it could retrace in the 220 USD area.
What do you think @DLavrov ?
thanks for the TA
DLavrov
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@zero-one, I can see a triangle here, may be you show this pattern on your chart?
zero-one
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@DLavrov, sorry I'm new to tradingview. no idea if I can chart and share with you. here a imgur link imgur.com/a/aRcAU
audiocande
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Great info! Thanks for explaining in simple English. For those of us who are just starting, it is very helpful!
@DLavrov, +1 I really appreciate your charting skills and am learning much from you
torjusg
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I have been studying the ETH/BTC and it seems pretty clear that ETH is now moving slightly inverse from BTC. This makes me believe that ETH will not really take off in terms of dollar value before BTC is either correcting seriously or tops out.
Probably this is shaping up to the flippening. I know a lot of people doesn't believe in that phenomena right now, but it's going to happen soon.
Could we be in a ascending triangle? (resistance is same of Jul 18 around 270 USD)
If so it could retrace in the 220 USD area.
What do you think @DLavrov ?
thanks for the TA