On short timeframes, I use daily level charts to observe the market. After drawing the entire downward process, I noticed the bullish pattern and observed the OK chess channel. In the process, I spotted a potential high, around 2340.
Next, I moved on to a shorter timeframe and plotted the channel of Ether. Based on the channel analysis, I identified some potential positions, especially in the ETH pair of USDT Futures Trading. A potential position above is located just near the previous high. This is also a Opening Price long black candlestick with a lot of volume. So, in this position, I think there is a short-term trading opportunity. It may be that in this position, Spot needs to be reduced, and AltCoin also needs to be reduced.
All along, I've been telling you that Ether's rally may be tricky, mainly because the triple bottom pattern doesn't get liquidity below and starts to rise. From the ETH to BT line trading pair, I can also see the upward process. Yesterday I mentioned that the support level of 0.618 must be tested. If 0.618 cannot be supported, according to the candlestick chart at the daily level, the support point will move down to around 0.51. If 0.618 fails to support, it could move down to lower levels. This is something to look out for.
If we see a strong hourly Rebound signal at this level, then we can consider taking profit from Exchange Rate pairs, LongEther coins, and at the same time bearish Bitcoin.
