ETH has broken a major trend line on the 4hr. Initial short taken on last 4hr close at $252 and looking to add a more liberal position size on the confirmation around $255-260. Not looking for overall reversal on the macro but am looking for some nice profits in the immediate term. Initial TP using 1:1 ratio will be taken around $231-227. A strong close below $223 will have me concerned about an overall market reversal; however, as I said before I do not think we are there just yet. Should we get that close below $223, my next key level of structure points to a bounce around $174-179. While the Stoch RSI is showing oversold, be cautious because it can stay pinned overbought/oversold for a while. As always never enter or exit positions at one time. Scale into and out of positions, this is a better risk management strategy.
Trade closed: target reached:
Initial TP hit quicker than I expected. Only took 20% of position off at TP since there was not confirmation retest of trend line break. Will look to add back to my short around $257.