ETH/USD 12H (Bybit) Channel exited but about to enter back &down
Ethereum is going for 7 weeks without a red candle, it's going down pretty soon in my opinion!
Wasn't able to really break-out the parallel channel, I'm expecting a retracement near Fib. 0.236 (201.84) at least, but could bounce on EMA20 first, around 212.60 USD.
Look at how it got rejected on last high zone (~230ish) this is a sign it should totally enter back the channel this weekend or next week.
A stronger correction is also valid until support, maybe MA50 or even Fib 0.382 if (185.43) bears are back to the game. Set-up:
Entry range= 227.50 - 223.30 (Mark)
Take Profit= 212.70 | 203.05 | 193.50 (Index)
Stop Loss= 238.15 (Last)
Risk/Reward ratio= 1:1 | 1:1.75 | 1:2.5
Expected Profit= 5.63% | 9.92% | 14.15%
Possible Loss= -5.66%
Leverage= 5x | 10x | 15x
Fib. Retracement= 0.236 | 0.382
Wasn't able to really break-out the parallel channel, I'm expecting a retracement near Fib. 0.236 (201.84) at least, but could bounce on EMA20 first, around 212.60 USD.
Look at how it got rejected on last high zone (~230ish) this is a sign it should totally enter back the channel this weekend or next week.
A stronger correction is also valid until support, maybe MA50 or even Fib 0.382 if (185.43) bears are back to the game. Set-up:
Entry range= 227.50 - 223.30 (Mark)
Take Profit= 212.70 | 203.05 | 193.50 (Index)
Stop Loss= 238.15 (Last)
Risk/Reward ratio= 1:1 | 1:1.75 | 1:2.5
Expected Profit= 5.63% | 9.92% | 14.15%
Possible Loss= -5.66%
Leverage= 5x | 10x | 15x
Fib. Retracement= 0.236 | 0.382
Trade active
Comment:
You can cut the SL some slack, I put 242.40 for now.
Comment:
First target almost reached, you can move your SL to entry or even in profit.
Trade closed: stop reached:
SL reached, I hope you put one in profit after the dump as I recommend yesterday!
