Hi everyone! Today we decided to pay attention to the pair that, although has a correlation with the cryptocurrency benchmark, but still moving for reasons of its own “philosophy”.
So, we performed a momentum analysis of the ETHUSD movement. As we see on the chart, a clear down trend has appeared and we assume the beginning of this movement from the level of the balance area in the range of 239 - 248.
We decided entry into the market with three limit sell orders at levels 239, 243 and 248.
If the price now goes down and fixes with two 4-hour candles below the resistance level - 208, then we will put limit sell orders from this level.
The goal of the movement will be the level in the range of 165 - 168.
Watch out for our updates and we will keep you posted.
We wish you all success and good trading!
* All KYRREX publications are made solely for informational and / or marketing purposes and should not be construed as economic, financial, investment advice, recommendations, or trading ideas. KYRREX does not take into account goals and situations of a particular trader in its analytical publications and is not responsible for any loss as a result of investment based on published analytical materials.
Trade active
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It is clear the price has reached the level of the resistance and the first order at the resistance line is opened to short.
We have another limit sell order at 245.34
Comment
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The first sell order is opened in the lower part of the balance zone at the level of 239
Trade active
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As we can see the price is moving to our mentioned goal (in the range of 165-168), catching up our two sell orders which we set at the levels of 239 and 245.34
Trade closed: target reached
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We have reached the preset goal and the take profit worked at 167.