ETH/BTC: Ichimoku indicators analysis

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ETH/BTC: Ichimoku indicators analysis
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point0.0388
Take Profit0.0428
Stop Loss0.0378
Key Levels0.0381, 0.0399, 0.0378, 0.0419
ETH/BTC: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Kijun-sen and Tenkan-sen lines have become support (0.0381) and resistance (0.0399) levels respectively


ETH/BTC: Ichimoku indicators analysis

On the daily chart Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (0.0378). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.0419).


On the four-hour chart we've got a signal of trend reversal from ascending to descending. On the daily chart the Bullish trend is still strong. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.0428) line and Stop Loss at the level of Kijun-sen line (0.0378).


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