There has been a ton of relevant action at that median line and so I think a retest of it isn't out of the question. It is possible that we bounce before that, but I would be very comfortable using a large amount of capital on this play. Really nice RR and also a pretty tight stop loss.
Nice idea on ETHUSD and there may be potential gains as you have identified by going long. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first support at 208.27. It is a horizontal overlap support, 61.8% fibonacci extension and a 38.2% fibonacci retracement. Stochastic is approaching support and we might see a corresponding bounce in price. If a corresponding bounce does occur, we may want to take a look at the 222.91 resistance level. It is horizontal swing high resistance, 61.8% fibonacci retracement and a 61.8% fibonacci extension.
Please take a look at our idea and share with us what you think.
Please take a look at our idea and share with us what you think.