Dear TradingView community and fellow traders,
I find the daily chart for ETH to be interesting as it appears to be forming one of my favorite patterns. What I call TRIO RETEST
1️⃣ => Non-Horizontal Resistance
ETH has been overall bullish from a long-term perspective, trading within the rising broadening wedge in blue and now approaching the upper bound / blue trendline acting as a non-horizontal resistance.
2️⃣ => Overbought
From a medium-term perspective, ETH has been trading inside the rising broadening wedge in red, and it is currently hovering around its upper bound / red trendline acting as an over-bought zone.
3️⃣ => Round Number
This week, ETH has been hovering around the $3000 which is a massive round number and psychological level.
🗒 That's why the blue circle with the red circle inside it is a zone to keep an eye on, as it is the intersection of three rejections.
📈 If broken upward, expect further long-term bullish continuation.
📉 In parallel, if $2850 is broken downward, expect the bearish correction to start.
📚 Hope you find this post useful. It's important to always adhere to your trading plan, including entry points, risk management strategies, and trade management techniques.
All Strategies Are Good; If Managed Properly!
~Richard
Disclaimer: The information provided is for educational and informational purposes only and should not be considered as financial advice. It is important to do your own research and make informed decisions before entering any trades. Past performance is not indicative of future results. Always be aware of the potential for losses, and never risk more than you can afford to lose.
I find the daily chart for ETH to be interesting as it appears to be forming one of my favorite patterns. What I call TRIO RETEST
1️⃣ => Non-Horizontal Resistance
ETH has been overall bullish from a long-term perspective, trading within the rising broadening wedge in blue and now approaching the upper bound / blue trendline acting as a non-horizontal resistance.
2️⃣ => Overbought
From a medium-term perspective, ETH has been trading inside the rising broadening wedge in red, and it is currently hovering around its upper bound / red trendline acting as an over-bought zone.
3️⃣ => Round Number
This week, ETH has been hovering around the $3000 which is a massive round number and psychological level.
🗒 That's why the blue circle with the red circle inside it is a zone to keep an eye on, as it is the intersection of three rejections.
📈 If broken upward, expect further long-term bullish continuation.
📉 In parallel, if $2850 is broken downward, expect the bearish correction to start.
📚 Hope you find this post useful. It's important to always adhere to your trading plan, including entry points, risk management strategies, and trade management techniques.
All Strategies Are Good; If Managed Properly!
~Richard
Disclaimer: The information provided is for educational and informational purposes only and should not be considered as financial advice. It is important to do your own research and make informed decisions before entering any trades. Past performance is not indicative of future results. Always be aware of the potential for losses, and never risk more than you can afford to lose.
We also have a trendline in orange intersection with the TRIO retest.
Which makes it QUATRO retest :)