ETH 30.04.2021
What I currently looking at is this:
Overall Picture Bullish. Macro Bullish as long as above 2160, Micro Bullish as long as we trade above 2650.
I am waiting for a drop to marked levels for longs, or another leg higher to around 2940 (161.8% extension) and 3170 (200% extension) from the 1930-2550 range, which for now is the range to play with.
2650, 2550, could be used for intraday scalp longs for 2711 and 2800 as a retest of the current highs and possible extension to 161,8 and 200% extension.
If you are looking for shorts, you can short either a drop below 2650 as the old bearish divergence off the highs would come back in play. Technically this should push us back down to around 2440 - 2330, which again would be solid levels for a long.
Summary: The market is super overextended but doesn't want to drop either. That means there are still strong bullish impulses and chasing shorts can be frustrating. Best case in current conditions is doing nothing and waiting for a clearer picture. At least for me.
Currently, 60/40 for longs, as long as above 2160. Below 60/40 for shorts.
What I currently looking at is this:
Overall Picture Bullish. Macro Bullish as long as above 2160, Micro Bullish as long as we trade above 2650.
I am waiting for a drop to marked levels for longs, or another leg higher to around 2940 (161.8% extension) and 3170 (200% extension) from the 1930-2550 range, which for now is the range to play with.
2650, 2550, could be used for intraday scalp longs for 2711 and 2800 as a retest of the current highs and possible extension to 161,8 and 200% extension.
If you are looking for shorts, you can short either a drop below 2650 as the old bearish divergence off the highs would come back in play. Technically this should push us back down to around 2440 - 2330, which again would be solid levels for a long.
Summary: The market is super overextended but doesn't want to drop either. That means there are still strong bullish impulses and chasing shorts can be frustrating. Best case in current conditions is doing nothing and waiting for a clearer picture. At least for me.
Currently, 60/40 for longs, as long as above 2160. Below 60/40 for shorts.