Wamses

ETH PERSONAL ANALYSIS IN THE SHORT TERM (RELIEF THEN DUMP)

Long
Wamses Updated   
BINANCE:ETHPERP   ETH Perpetual Futures Contract
Total evaluation on the ETH asset is overall bearish , however please be mindful of your risks even in any surefire trade as market makers are often correlated with how unpredictable sht are, so always be humble, set your stop loss reasonably, don't overleverage and you should be fine. The ethereum asset or the BTC asset can reach a maximum of 20,800 or a 1,620$ on the price action which is NOT A BULLISH INDICATION, these are just re-test structures
that respect market structure. For every straight drop, there is always an upside retracement to show buyers taking advantage of lower prices, but market makers dump on them eventually to continue the trend since, again, we are
inside a giant bear market.

Since the FED meeting is rather close as well as the earnings report season, those seasons will be the perfect coincidental change that can continue the dump after this temporary relief.

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2 Outlooks TA Wise on the market structure:

1.) It's a Descending Triangle Breakdown confirmed from a Rising Wedge which signals continuation dump to the downside (Higher Chance)
2.) Its a Bullish Flag with a potential to reach 1,380$ for a triple touch bottom to go even higher (Low Chance)

Since we have two contradicting patterns that can easily confuse new traders, my biggest advice is to wait for a decent enough breakout from the 1,380$-1,400$ region whether to the upside or downside at the very edge of the
descending triangle / bullish flag . Always wait for confirmation.

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-Wamses
Trade active: Entered a new position at 1,430$ ETH 2.5 hours ago for a partial take profit long at around designated levels with SL moved to break-even.

1,480$ - 15%
1,520$ - 15%
1,580$ - 15%
1,620$ - 45%
1,650-1,680$ (splurge) - 10%
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