Ethereum (ETH/USD) on the 4-hour bullish setup within an ascending channel. Here's the detailed breakdown:
1. Market Structure:
The price is trending within an ascending channel, demonstrating bullish momentum.
A recent pullback has brought the price near the lower boundary of the channel, offering a potential buying opportunity.
2. Trade Plan:
A BUY ORDER is placed around the current price level ($3,293.52), targeting higher levels within the channel.
First Take Profit (TP1) is set at $3,500, aligning with a key resistance area within the channel.
Final Target is at $3,792.51, which is near the upper boundary of the ascending channel.
3. Stop-Loss (SL):
The SL Level is placed below the support zone at $3,051.10, minimizing downside risk if the trade idea fails.
4. Indicators:
The SuperTrend indicator signals a possible reversal to bullish momentum.
The momentum oscillator at the bottom suggests oversold conditions, supporting the bullish bias.
5. Conclusion:
The capitalizes on the ascending channel's structure and anticipates a continuation of the uptrend. The setup offers a favorable risk-reward ratio for a long position.
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Note This Analysis Only For Educational Purposes don't Consider It Tarding Advice