ETH - Bow and Arrow Trade!

Jun 12

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈ETH has been overall bullish, trading above the rising trendline marked in blue.

After rejecting the $4,000 - $4,100 resistance zone, ETH is undergoing a correction phase and it is currently hovering around the $3,500 round number.

If the $3,500 is broken downward, a deeper bearish correction towards the $3,100 demand zone would be expected.

🏹 The highlighted blue circle is a strong area to look for trend-following buy setups as it is the intersection of the green demand zone and blue trendline acting as a non-horizontal support.

📚 As per my trading style:
As ETH approaches the blue circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich