Hi All,
As you can see from the chart, ETH is about to hit the blue trend line in which it will act as a strong resistance. In fact, if you look at the bear flag on the left, the trend line was already confirmed as a strong resistance.
If you also notice the direction of EMA50, you can see that EMA50 is heading towards the blue trend line, acting as another resistance.
Further, if you look at my Fib set up, the 0.5 retrace also coincides with that resistance level.
All these resistances, plus the lack of confidence in ETH, I doubt it will go above the 0.382 retrace at $421.72. If you currently have long positions, watch out the price level @ around $410. If ETH gets rejected from the trend line, it could easily free fall to around the price range of $258 - $240.
Taiwan Bear
******************************************************************************************
Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Some tips for you:
- Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+)
- Understand that every trade carries a risk, and don’t expect you can make profits from every trade
- When you follow a trader on TV, you want to follow someone who looks at the big picture, not just counting EW. And that trader should identify a trend/pattern that you don’t see.
As you can see from the chart, ETH is about to hit the blue trend line in which it will act as a strong resistance. In fact, if you look at the bear flag on the left, the trend line was already confirmed as a strong resistance.
If you also notice the direction of EMA50, you can see that EMA50 is heading towards the blue trend line, acting as another resistance.
Further, if you look at my Fib set up, the 0.5 retrace also coincides with that resistance level.
All these resistances, plus the lack of confidence in ETH, I doubt it will go above the 0.382 retrace at $421.72. If you currently have long positions, watch out the price level @ around $410. If ETH gets rejected from the trend line, it could easily free fall to around the price range of $258 - $240.
Taiwan Bear
******************************************************************************************
Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Some tips for you:
- Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+)
- Understand that every trade carries a risk, and don’t expect you can make profits from every trade
- When you follow a trader on TV, you want to follow someone who looks at the big picture, not just counting EW. And that trader should identify a trend/pattern that you don’t see.
Comment:
There will probably be a bounce at the $315 price level.
