Hi Traders! Ethereum buy idea update and follow up is here. On April 8th I shared this “Ethereum Buy Idea After Triangle Breakout” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
Ethereum H4(4 Hours) Chart Current Scenario
On the H4 chart the price action followed my analysis exactly as I expected it to. After the bullish trend pattern we had a correction and the price which was moving lower reached the first strong support zone, respected it and bounced higher from this zone. The price created a false break of the low at 1977.79 and in addition to this, we had a bullish hidden divergence that had formed between the first low that has formed at 1543.50 and the second low that has formed at 1929.18 based on the MACD indicator. We may consider these as facts provided by the market supporting the bullish view and also there were no signs opposing this bullish view. The price then moved higher and provided a fantastic move to the upside.
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
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To your success,
Certified Financial Technician