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ETH/BTC: Ichimoku indicators analysis

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ETH/BTC: Ichimoku indicators analysis
Scenario
TimeframeIntraday
RecommendationBUY
Entry Point0.0366
Take Profit0.0405
Stop Loss0.0350
Key Levels0.0360, 0.0381, 0.0316, 0.0466
ETH/BTC: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (0.0360). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.0381).


ETH/BTC: Ichimoku indicators analysis

On the daily 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 is descending. The instrument is trading around lower border of the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (0.0316). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.0466).


On the four-hour chart the instrument is still rising. On the daily chart we can see a correction of the downward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.0405) line and Stop Loss at the level of Kijun-sen line (0.0350).


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