ETHUSD Perspective And Levels: 279 Retest And Buying.
ETHUSD Update: This market has retested the 279 support yet again and is attempting to hold. I wrote about this in my previous report. As long as 279 and 263 hold, this market is just waiting its turn for the spotlight.
At the moment, BCH has wowed the media and markets with its completely unexpected push to over 900 in a matter of days. Impressive, and as one trader suggested, is taking attention (and orderflow) away from the rest of the coins. Perhaps investors are selling some ETH to get in on the BCH train.
The retrace that we are experiencing in this market is nothing unusual from a technical perspective. The support levels 263 and 279 keep this bullish structure intact. IF 263 is broken, then that would be more cause for concern and caution. If anything a retrace to these lows offers a buying opportunity so I am adding to my position. I updated my previous report with my add at 291.68, stop at 276 and target 340.
My reason for the add is the magnitude of the bounce off the 279 low. It is sharp and the candle on the 4 hour qualifies as a bullish engulfing candle which is a reversal pattern within my trading plan. I only added 25% to my current position and it basically has the same RR as the original position.
Reporting an actual trade is very tough for me to do in a timely manner so I am doing the best I can to get this information out and have a clear explanation.
A break of 292 minor resistance (.382 of recent bear swing) will signal a continuation upward and another attempt at the 306 to 315 area. 315 needs to be cleared in order to prove that this market is on its way to the 350 resistance.
In summary, the current retrace is still within bullish boundaries. As long as 279 and 263 supports are maintained, it can be argued that this market still has the structure in place to retest the 315 resistance at least. The push off of 279 has prompted me to add to my position with the same risk/reward. Watch for the 292 break to open the door to a retest of the minor highs, which if broken this time, can lead this market toward the 350 resistance target. All this market needs is a catalyst which can come out of nowhere and cannot be anticipated by a chart.
Questions and comments welcome.
At the moment, BCH has wowed the media and markets with its completely unexpected push to over 900 in a matter of days. Impressive, and as one trader suggested, is taking attention (and orderflow) away from the rest of the coins. Perhaps investors are selling some ETH to get in on the BCH train.
The retrace that we are experiencing in this market is nothing unusual from a technical perspective. The support levels 263 and 279 keep this bullish structure intact. IF 263 is broken, then that would be more cause for concern and caution. If anything a retrace to these lows offers a buying opportunity so I am adding to my position. I updated my previous report with my add at 291.68, stop at 276 and target 340.
My reason for the add is the magnitude of the bounce off the 279 low. It is sharp and the candle on the 4 hour qualifies as a bullish engulfing candle which is a reversal pattern within my trading plan. I only added 25% to my current position and it basically has the same RR as the original position.
Reporting an actual trade is very tough for me to do in a timely manner so I am doing the best I can to get this information out and have a clear explanation.
A break of 292 minor resistance (.382 of recent bear swing) will signal a continuation upward and another attempt at the 306 to 315 area. 315 needs to be cleared in order to prove that this market is on its way to the 350 resistance.
In summary, the current retrace is still within bullish boundaries. As long as 279 and 263 supports are maintained, it can be argued that this market still has the structure in place to retest the 315 resistance at least. The push off of 279 has prompted me to add to my position with the same risk/reward. Watch for the 292 break to open the door to a retest of the minor highs, which if broken this time, can lead this market toward the 350 resistance target. All this market needs is a catalyst which can come out of nowhere and cannot be anticipated by a chart.
Questions and comments welcome.
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