ETH/USD 1D Chart
A few days ago ETH fell below the key support zone of $160. Breaking above this level sparked the ETH rally back at the beginning of the year and has been a strong buy zone since then. Shortly after breaking through it buyers have stepped in and now retesting this zone as resistance. With BTC dominance being so high most altcoins follow BTCs price action so I will be looking for a sympathy play off of ETH.
Sympathy plays are usually altcoin trades that occur after BTC makes a large swing in one direction or another. It takes a small amount of time for altcoins to react and usually have a similar movement in price. This strategy has some great R2R trades.
Entry
Since I am still in my BTC long I am giving ETH some room to breathe before entering. If it does reject this resistance zone I will be entering around $149.
Stop Loss
My SL will be above the high of this bear flag. I am not sure where that is until it starts to breakdown.
Take Profit
I have two main targets for this trade. The $100 level is just a big psychological number and the $81 level was the previous low.
Once again I am still in my BTC long but I will be ready to get short ETH if BTC starts to break down
Best of luck
-Mitchell
A few days ago ETH fell below the key support zone of $160. Breaking above this level sparked the ETH rally back at the beginning of the year and has been a strong buy zone since then. Shortly after breaking through it buyers have stepped in and now retesting this zone as resistance. With BTC dominance being so high most altcoins follow BTCs price action so I will be looking for a sympathy play off of ETH.
Sympathy plays are usually altcoin trades that occur after BTC makes a large swing in one direction or another. It takes a small amount of time for altcoins to react and usually have a similar movement in price. This strategy has some great R2R trades.
Entry
Since I am still in my BTC long I am giving ETH some room to breathe before entering. If it does reject this resistance zone I will be entering around $149.
Stop Loss
My SL will be above the high of this bear flag. I am not sure where that is until it starts to breakdown.
Take Profit
I have two main targets for this trade. The $100 level is just a big psychological number and the $81 level was the previous low.
Once again I am still in my BTC long but I will be ready to get short ETH if BTC starts to break down
Best of luck
-Mitchell
Trade active:
Entered at $149.55
Trade active:
SL is set at $154.15 and the first target is at $131.75
SL is set at $154.15 and the first target is at $131.75
Trade active:
Finally starting to see some movement on ETH