Hello all and thank you for reading my thoughts on how to trade ETH.
After a large uptrend ETH is now retracing. We can see that it retraced quickly to the .5 fib level, and later retraced to the golden pocket, being the .65-.618 fib level. This is a likely area for the start of a new uptrend, or a good long scalp.
There are two levels marked on the chart that previously acted as support and resistance. If you are not already in a position I would wait to see how the price reacts to these areas before entering.
If you are looking to short then 134 would be a good place to start. If the current support at 123 breaks down that would also be a good opportunity to enter a short.
If you are looking to long, wait for a retest of the support at 123 and then target the 134 resistance.
Happy trading.
After a large uptrend ETH is now retracing. We can see that it retraced quickly to the .5 fib level, and later retraced to the golden pocket, being the .65-.618 fib level. This is a likely area for the start of a new uptrend, or a good long scalp.
There are two levels marked on the chart that previously acted as support and resistance. If you are not already in a position I would wait to see how the price reacts to these areas before entering.
If you are looking to short then 134 would be a good place to start. If the current support at 123 breaks down that would also be a good opportunity to enter a short.
If you are looking to long, wait for a retest of the support at 123 and then target the 134 resistance.
Happy trading.