ETH/BTC potential short on the daily timeframe
Daily, I noticed theres been a reaction around the 61.8% retracement from the prior rally.
I anticipate this pullback off of the 61.8% can be a decent way to fill an order resting higher.
I will choose to place more weight on the daily demand zone being broken through and taking
much strength to dig up through again, and i chose to place a stop loss just after the previous daily
wicks, and not above the 38% fib because the general direction of the entire market is bearish, and
eth has not found much strength going up in btc value when btc is dropping over the last year or so.
I anticipate this pullback off of the 61.8% can be a decent way to fill an order resting higher.
I will choose to place more weight on the daily demand zone being broken through and taking
much strength to dig up through again, and i chose to place a stop loss just after the previous daily
wicks, and not above the 38% fib because the general direction of the entire market is bearish, and
eth has not found much strength going up in btc value when btc is dropping over the last year or so.
Comment:
I will be exiting now because its been wick city for the last 3 days and all wicks just touch the 61.8%. There will be a safer entry above or below this 61.8 area, a support and resistance strategy to identify a trade and a breakout strategy for entry perhaps?
All entries hit on a wick through the zone, now sitting pretty and hope for btc to rise more to bring this down further