Hello All, hope you are having a great day!
Welcome to today's "Aglogains - Daily Trade Series"
ETH USDT has rallied up to 3533 making new short term higher highs, proving the strong continuation of the uptrend we have been seeing. If we look towards the left a bit, around the price range of 3520 to 3560 ETH USDT has seen a strong resistance.
Since ETH has now reached this key resistance area, I'm now looking to take a SELL entry if there are objective signs of reversal.
In the 15 MIN time frame ETH has formed a double top, followed by a bearish engulfing candle, which gave us the SELL entry signal at 3510, I missed this price and could enter at 3521
Key resistance zone: 3520 - 3560
As this is a trend reversal trade please manage your position size accordingly as there is a higher chance our stop loss will get hit.
Entry - 3520
Stop Loss - 3554
Take Profit - 3450
Will keep you posted on the progress of the trade.
What do you think? Will the market reverse at this point? What's your outlook?
Welcome to today's "Aglogains - Daily Trade Series"
ETH USDT has rallied up to 3533 making new short term higher highs, proving the strong continuation of the uptrend we have been seeing. If we look towards the left a bit, around the price range of 3520 to 3560 ETH USDT has seen a strong resistance.
Since ETH has now reached this key resistance area, I'm now looking to take a SELL entry if there are objective signs of reversal.
In the 15 MIN time frame ETH has formed a double top, followed by a bearish engulfing candle, which gave us the SELL entry signal at 3510, I missed this price and could enter at 3521
Key resistance zone: 3520 - 3560
As this is a trend reversal trade please manage your position size accordingly as there is a higher chance our stop loss will get hit.
Entry - 3520
Stop Loss - 3554
Take Profit - 3450
Will keep you posted on the progress of the trade.
What do you think? Will the market reverse at this point? What's your outlook?
Trade closed: stop reached