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🟢Forex Pair: ETH/USD
⚪Technical Analysis: Since the beginning of January 2021, the price has been creating an interesting ascending channel, getting many rejections on the resistance zone at about 1400. Every time, the price made a higher low and that confirmed our chart pattern. On the 2nd of February 2021, the price finally broke through the main resistance zone, pushing up until the level at about 1750. The market is currently overbought and there is a good chance to see a trend correction until a re-test on the level 1400/1430.
🔴Conclusion: The price is currently moving in an interesting situation, I usually like trading this pattern and I'll be waiting for the price to re-test the main S/R zone before planning my long position on this trade. My possible target would be the reflection of its first wave of its triangle pattern, that means I'm confident to see the price reaching soon the level at about 1900! I'll update soon this idea.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️