💰 LET'S GET INTO SOME LONGTERM ETHEREUM ANALYSIS!💰
1️⃣ First off SMASH that LIKE BUTTON & Give us a FOLLOW for DAILY ANALYSIS! ❤❤❤
(Overall Market Sentiment) 🐻 Bearish
- We have been trapped under a major key level of resistance at 253.40,This resistance level is the main level that will determine what happens next in the Ethereum market. I have labeled it as (King Of All Resistance) at the top of the chart.
- The dashed line that I have labeled as "Must Be Broke For Bull Continuation" is what you will want to play for a long as that is multi structural downward Resistance. Break that and 253.40 for a power move!
- The previous 2 weeks started with an engulfing bull candle but followed by a bear engulfing candle to reject from the key Resistance level. Now we have been forming a DOJI candle to show indecision but notice it is forming beneath the last 2 engulfing candles on the low. If we close here this could be a lower low.
- You can play short below the previous candle low and use a 1% stop loss or exit as soon as we push back above the previous low. Keep playing the previous low as we could anticipate the short to drop. Only play long on breakout of key Resistance dashed line.
- The EMA DOTS indicator on the bottom does have an alignment of all 3 dots firing the same color. We use this to help identify trend reversals in any market.
- Remember that all of this is still in motion and will not close till (June 22, 2020) You always want to make sure that the timeframe closes for a more solid trade opportunity.
So overall we are just waiting for a breach on key S&R Levels. We are leaning bearish for now. Don't forget to use your tight stoploss on the breakouts and to never marry a bad trade! Cut loss when needed. Stay patient and let the trade come to you! Enjoy your weekend and stay safe!
Thanks for checking out our analysis! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
1️⃣ First off SMASH that LIKE BUTTON & Give us a FOLLOW for DAILY ANALYSIS! ❤❤❤
(Overall Market Sentiment) 🐻 Bearish
- We have been trapped under a major key level of resistance at 253.40,This resistance level is the main level that will determine what happens next in the Ethereum market. I have labeled it as (King Of All Resistance) at the top of the chart.
- The dashed line that I have labeled as "Must Be Broke For Bull Continuation" is what you will want to play for a long as that is multi structural downward Resistance. Break that and 253.40 for a power move!
- The previous 2 weeks started with an engulfing bull candle but followed by a bear engulfing candle to reject from the key Resistance level. Now we have been forming a DOJI candle to show indecision but notice it is forming beneath the last 2 engulfing candles on the low. If we close here this could be a lower low.
- You can play short below the previous candle low and use a 1% stop loss or exit as soon as we push back above the previous low. Keep playing the previous low as we could anticipate the short to drop. Only play long on breakout of key Resistance dashed line.
- The EMA DOTS indicator on the bottom does have an alignment of all 3 dots firing the same color. We use this to help identify trend reversals in any market.
- Remember that all of this is still in motion and will not close till (June 22, 2020) You always want to make sure that the timeframe closes for a more solid trade opportunity.
So overall we are just waiting for a breach on key S&R Levels. We are leaning bearish for now. Don't forget to use your tight stoploss on the breakouts and to never marry a bad trade! Cut loss when needed. Stay patient and let the trade come to you! Enjoy your weekend and stay safe!
Thanks for checking out our analysis! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
