$ETH - Be Wary - One Final "Drop" May Happen Before the Big Push
I'm Bullish on Ethereum all the way. Now yesterday I made a call and so far we're still in profit from that call. However, there was a drop in the middle of the night (London session) That made me take a step back and look at it from another perspective. One thing I do is I usually don't measure wicks on the fib for entries to trades. However, this could be a different scenario to where that may play out. Why? Because there are equal lows right around 1152 that happened on January 15-16 GMT .
Just below that is a Bullish Order Block. I jumped into the 5 min Chart to find this one. It's in the red Elipse just below the Liquidity/Support Level.
Which is also right at the 70.5% of the retracement from that deep low to the current high.
Also if you look at It from a 4HR view, There are no bearish 4 hr candles, possibly suggesting this is the overall correct fib.
Keep in mind there has been a break of structure that happened yesterday which is suggesting that the price will most likely be going higher. This of course will be nullified if the price breaks and stays below a significant low. But instead, I think we may see something like this to where it get's close but it will just wipe out the liquidity resting near that 1152 level and hit somewhere between 1133 and 1142 before it bounces back up and we see a new high again.
I pulled from another exchange for these prices and the equal low/liquidity level ended up being the same (1152), the Bullish order block ended up being the same (1133 - 1142) But the biggest difference was the spike down where we would draw the fib low or 100% level. The one in the examples low is 1072. The low in the Coinbase level was 1065. But of a difference there, which is why I said I don't like using wicks to measure these things. So just be wry of those price levels and don't be so worried about the Fibonacci entry.
Good Luck and Happy Trading
Just below that is a Bullish Order Block. I jumped into the 5 min Chart to find this one. It's in the red Elipse just below the Liquidity/Support Level.
Which is also right at the 70.5% of the retracement from that deep low to the current high.
Also if you look at It from a 4HR view, There are no bearish 4 hr candles, possibly suggesting this is the overall correct fib.
Keep in mind there has been a break of structure that happened yesterday which is suggesting that the price will most likely be going higher. This of course will be nullified if the price breaks and stays below a significant low. But instead, I think we may see something like this to where it get's close but it will just wipe out the liquidity resting near that 1152 level and hit somewhere between 1133 and 1142 before it bounces back up and we see a new high again.
I pulled from another exchange for these prices and the equal low/liquidity level ended up being the same (1152), the Bullish order block ended up being the same (1133 - 1142) But the biggest difference was the spike down where we would draw the fib low or 100% level. The one in the examples low is 1072. The low in the Coinbase level was 1065. But of a difference there, which is why I said I don't like using wicks to measure these things. So just be wry of those price levels and don't be so worried about the Fibonacci entry.
Good Luck and Happy Trading
Comment:
Hit Play three times and you'll see the entry is there. I missed it by 6 dollars but I was paying close enough attention that I got out of my short at 1165 and got in the long at 1170. Still a possibility that it could enter at 1140 So I'm keeping an eye out for that.
Trade active:
Took profit at 1205. +350 pips in a few minutes is my kinda trading!
Waiting to see if this is going to smack into my original idea of 1240 or not.
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
