ETH/BTC: Ichimoku indicators analysis

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ETH/BTC: Ichimoku indicators analysis
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point0.0407
Take Profit0.0360
Stop Loss0.0421
Key Levels0.0403, 0.0409, 0.0385, 0.0421
ETH/BTC: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud has reversed from ascending to descending. The instrument has entered the cloud. Borders of the cloud serve as the closest support (0.0403) and resistance (0.0409) levels


ETH/BTC: Ichimoku indicators analysis

On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has broken down Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (0.0385). The closest resistance level is the upper border of the cloud (0.0421).


On the four-hour chart we can see a correction of the downward movement. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (0.0360) and Stop Loss at the lower border of the cloud (0.0421).

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