ETH/BTC: Ichimoku indicators analysis

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ETH/BTC: Ichimoku indicators analysis
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point0.0387
Take Profit0.0340
Stop Loss0.0402
Key Levels0.03815, 0.0398, 0.0369, 0.0415
ETH/BTC: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument has broken down Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (0.03815). The closest resistance level is the upper border of the cloud (0.0398).


ETH/BTC: Ichimoku indicators analysis

On the daily chart Tenkan-sen line is crossing Kijun-sen from above, the lines are horizontal . Confirmative line Chikou Span is below the price chart, 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 (0.0369). The closest resistance level is the upper border of the cloud (0.0415).


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 (0.0340) and Stop Loss at the level of Kijun-sen line (0.0402).

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