What is seen:
ETH still with the "parabolic channel" that I drew previously.
It looks to have formed a very similarly to the first part of the channel. Having 4 "humps" the first one being the biggest.
Right now it could be in the process of making a 4th one but it has already made 3.
So far everything it touch the bottom of the channel it has been a great buying opportunity and every time it touched the top it came back down.
Also the RSI looks very similar in a wedge.
What to look for:
So we are looking for a bounce off the bottom of the channel and a breakout on the yellow line.
You can also look for a retest of the yellow line before entering a trade.
Also look for a bounce off the bottom of the wedge in the RSI.
If that happens price target $2,000+.
But the red lines are resistances by percentages from when bitcoin first broke all time highs so we may see resistance around those levels.
Comment what you think and follow if you like the idea.
Also take a look at the previous ideas of ETH in related ideas.
Be sure to scroll around the chart to see everything.
ETH still with the "parabolic channel" that I drew previously.
It looks to have formed a very similarly to the first part of the channel. Having 4 "humps" the first one being the biggest.
Right now it could be in the process of making a 4th one but it has already made 3.
So far everything it touch the bottom of the channel it has been a great buying opportunity and every time it touched the top it came back down.
Also the RSI looks very similar in a wedge.
What to look for:
So we are looking for a bounce off the bottom of the channel and a breakout on the yellow line.
You can also look for a retest of the yellow line before entering a trade.
Also look for a bounce off the bottom of the wedge in the RSI.
If that happens price target $2,000+.
But the red lines are resistances by percentages from when bitcoin first broke all time highs so we may see resistance around those levels.
Comment what you think and follow if you like the idea.
Also take a look at the previous ideas of ETH in related ideas.
Be sure to scroll around the chart to see everything.
