Yesterday I set a tight stop loss on my short position before hopping in the car to drive to Las Vegas for the WSOP. I found myself wondering where all of the bearish momentum had gone, and I was more than half expecting to get stopped out before arriving at my destination.
Resistance held strong and now we are waiting to see what will happen at the $7,600 area. That is where a white line has been drawn to indicate previous resistance/support and it is also where the 50 period MA awaits.
The bulls keep moving up support and establishing higher lows. Up to this point the rallies haven’t had any steam, but that will change in the blink of an eye if bulls keep successfully moving up support.
Bears have drawn a line in the sand at $7,750 and have been holding strong over the last week. If they can continue holding that area of resistance over the next 24 hours then I expect a significant pullback over the weekend.
If you are not in a position then the risk:reward on a short sale is very favorable. I am short ETH:USD with a stop loss set at $627.
Cards are in the air for event #19 and it is time for me to take my seat!
Wish me luck by smashing the like and following!
Resistance held strong and now we are waiting to see what will happen at the $7,600 area. That is where a white line has been drawn to indicate previous resistance/support and it is also where the 50 period MA awaits.
The bulls keep moving up support and establishing higher lows. Up to this point the rallies haven’t had any steam, but that will change in the blink of an eye if bulls keep successfully moving up support.
Bears have drawn a line in the sand at $7,750 and have been holding strong over the last week. If they can continue holding that area of resistance over the next 24 hours then I expect a significant pullback over the weekend.
If you are not in a position then the risk:reward on a short sale is very favorable. I am short ETH:USD with a stop loss set at $627.
Cards are in the air for event #19 and it is time for me to take my seat!
Wish me luck by smashing the like and following!
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