After we closed our short position we saw a concentration of buying volume sending the price to retest the 2500 level dropped down to 2300 and buyers took trades again . Basically that is what triggered us to close our position.
Why do we not take long after the short position ? We want to be more defensive in our trades. Let us wait for a clearer price direction.
The market has bottomed ? The answer ? Let the price show it.
Bullish Scenario
1. This ascending triangle that ETH is forming might be possible if the price will break the 2500-2700 range.
This range is where we see a volume concentration of buyers after the recent crash.
2. Once the price regained the 2500-2700 range. Volume of buyers is the key to break 2920-3000 range and that might lead to forming an ascending channel.
Bearish Scenario
1. If the price retest breaks the 2500-3000 range we might see a retest of 2100 level. If this level will not hold 1800 level might be the nearest key support level that the price will retest.
Why do we not take long after the short position ? We want to be more defensive in our trades. Let us wait for a clearer price direction.
The market has bottomed ? The answer ? Let the price show it.
Bullish Scenario
1. This ascending triangle that ETH is forming might be possible if the price will break the 2500-2700 range.
This range is where we see a volume concentration of buyers after the recent crash.
2. Once the price regained the 2500-2700 range. Volume of buyers is the key to break 2920-3000 range and that might lead to forming an ascending channel.
Bearish Scenario
1. If the price retest breaks the 2500-3000 range we might see a retest of 2100 level. If this level will not hold 1800 level might be the nearest key support level that the price will retest.
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