Is ETH About to Breakout?
The short and long of it is: Probably not.
Current Situation:
• Admittedly, ETH looks somewhat better than Bitcoin. However, if you are not long from the range lows, now is definitely not the time to long.
• ETH has been in a range since May 8th. During the month of May ETH tried to break out of the range three times (including today) without success.
• Common sense trading dictates that you short resistance and long support.
• Do not let FOMO rule your decision-making process. Let PA show you if this breakout attempt is real.
• If ETH breaks the range high (1886) and tests it as support, we can look for a long entry, for now ETH is a short opportunity.
• Please read my linked idea about BTC, because a lot what I wrote there is also relevant for ETH.
• Be carful with your SL placement. Not too tight, because ETH’s MM’s send nasty wicks up and down to stop traders before making a move.
• It may be best to wait for the volatility of the weekly close before entering the trade. Depends on your confidence and trading style.
• Look for a rejection candle and/or bearish Divergences before taking the trade.
Trade Idea:
• Entry: 1867.
• SL: 1886.
• Targets:
TP1: 1757 (Previous low).
TP2: 1735 (Range low).
TP3: 1712 (0.5 fib).
NFA.
Feedback will be appreciated.
Best wishes to all.
Current Situation:
• Admittedly, ETH looks somewhat better than Bitcoin. However, if you are not long from the range lows, now is definitely not the time to long.
• ETH has been in a range since May 8th. During the month of May ETH tried to break out of the range three times (including today) without success.
• Common sense trading dictates that you short resistance and long support.
• Do not let FOMO rule your decision-making process. Let PA show you if this breakout attempt is real.
• If ETH breaks the range high (1886) and tests it as support, we can look for a long entry, for now ETH is a short opportunity.
• Please read my linked idea about BTC, because a lot what I wrote there is also relevant for ETH.
• Be carful with your SL placement. Not too tight, because ETH’s MM’s send nasty wicks up and down to stop traders before making a move.
• It may be best to wait for the volatility of the weekly close before entering the trade. Depends on your confidence and trading style.
• Look for a rejection candle and/or bearish Divergences before taking the trade.
Trade Idea:
• Entry: 1867.
• SL: 1886.
• Targets:
TP1: 1757 (Previous low).
TP2: 1735 (Range low).
TP3: 1712 (0.5 fib).
NFA.
Feedback will be appreciated.
Best wishes to all.
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منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.