ETH/USD has been very bullish recently. After the break-out of the $210 level we have seen very strong upwards price movements.
This old resistance level of $210 can now act as logical support through a S/R flip. I expect that the momentum is so strong ETH will rise a bit further first.
If it reaches around $228 it will encounter a strong resistance. It's likely that the price will break the uptrend here and retrace back a bit.
We can monetize this scenario with a short set-up.
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-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
Look left... the next major resistance is probably $290 - even still the stochastic RSI is upward and strong moving, very not the moment to sell.
Trading-Guru
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@without_worries, hey thanks for this. Indeed it seemed that the $228 level was too weak here for resistance. I will be looking at the $290 target as well!
triquista
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My idea is exactly the same as yours!
Trading-Guru
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@triquista, The price did already break through a little bit. Did you have any idea how to incorporate this new information?
Trading-Guru
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I will be posting more of these regularly, so follow me to find out about great trading opportunities
Trading-Guru
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How would you have charted this? Feel free to post a link to your own idea here as well
Trading-Guru
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I’m curious to hear your thoughts! Let’s make use of the fantastic tradingview community and give each other feedback.