On the 1D chart, which is a VERY good timeframe to trade since it's so big (it DOES require a lot of patience tho) Eth isn't looking very good. After breaking up on its trend on April 24th, it looked like it was gaining ground but today with the dump from BTC, plus the huge amount of FUD that has been surrounding it lately, it is testing once again this resistance. If it falls, I would expect it to dump HARD.
I've selected the horizontal resistance at 156 for a take profit but, really, if it goes that low it might as well go lower so just locking a percent of profits could be a better move. As for SL, the horizontal support now probably turned resistance at 260 should work fine.
Entry is key here. Being such a huge trendline and such a big timeframe, one must trade carefully and above all be VERY patient. Right now 232 is looking good, but it will move considerably with each passing day since the line is steep.
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Safe trades!
I've selected the horizontal resistance at 156 for a take profit but, really, if it goes that low it might as well go lower so just locking a percent of profits could be a better move. As for SL, the horizontal support now probably turned resistance at 260 should work fine.
Entry is key here. Being such a huge trendline and such a big timeframe, one must trade carefully and above all be VERY patient. Right now 232 is looking good, but it will move considerably with each passing day since the line is steep.
If you found this useful, thumb it up and follow me on TradingView and on Twitter
Safe trades!