ETH broke through the descending channel last night, rallied to the trend line and upper resistance level, then pulled back. After the trend line is broken down, it becomes a resistance level. With two resistances converging together, it has now formed a converging triangle waiting for directional confirmation. Additionally, the 4H candlestick hasn't established above the resistance, so my personal view for intraday trading remains bearish.
#ETH
ETH broke through the descending channel last night, rallied to the trend line and upper resistance level, then pulled back. After the trend line is broken down, it becomes a resistance level. With two resistances converging together, it has now formed a converging triangle waiting for directional confirmation. Additionally, the 4H candlestick hasn't established above the resistance, so my personal view for intraday trading remains bearish.
Intraday Trading Suggestions:
2160-2190 SHORT
Stop Loss: Break above 2200
Targets: 2125—2100—2080