After the latest BTC
impulse move, it seems that ETH is consolidating at the 166 resistance. If it continues to consolidate like this, that's a sign of bullish
continuation. However, for now, I am still expecting a small retracement in the short-term, as I think we've completed 3 impulse waves and are in the process of an ABC
I've laddered into a short, averaged at 166.15. I'm aiming to take profit just above the 55-Hour EMA
, which also falls near the previous resistance-turned-support at about 162. If this trade fails to play out over the next 24 hours, I'll cut it and look to long the bull continuation.
TP: 162. 05