ETH/BTC: ICHIMOKU INDICATORS ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 0.0417 |
| Take Profit | 0.0392 |
| Stop Loss | 0.0428 |
| Key Levels | 0.0416, 0.0419, 0.0399, 0.0428 |
Let's look at the four-hour 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 is trading around lower border of the cloud. Kijun-sen and Tenkan-sen lines have become support (0.0416) and resistance (0.0419) levels respectively
On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (0.0399). The closest resistance level is Kijun-sen line (0.0428).
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 Take Profit at the level of previous minimum of Chikou Span line (0.0392) and Stop Loss at the level of Kijun-sen line (0.0428).
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