ETH/BTC: ICHIMOKU INDICATORS ANALYSIS

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ETH/BTC: ICHIMOKU INDICATORS ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point0.0505
Take Profit0.0383
Stop Loss0.0543
Key Levels0.0465, 0.0546, 0.0437, 0.0552
ETH/BTC: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (0.0465). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.0546).


ETH/BTC: ICHIMOKU INDICATORS ANALYSIS

On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains 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 (0.0437). The closest resistance level is the upper border of the cloud (0.0552).


On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (0.0383) and Stop Loss at the level of Kijun-sen line (0.0543).


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