Eth traded past the expected .786 support fib but is printing a rejection wick meaning this is a signal to look for bottoming formations like double bottoms and head and shoulders.
My intraday bias is to look to buy the last test of the day low, I am not really interested in buying breakouts because the adverse volatility will make it hard to have a small stop and good RRR (above 5) unless your entry is almost at the very bottom of the day.
This is an area to be PATIENT intraday and be entirely willing to let price go without you having any position. The bears will try hard to run the bulls' stops and being very conservative on your entry will work better than succumbing to even the smallest degree of fomo.
A good strategy might be to pick an entry level and stop and then move your entry to where you had your stop in order to benefit from stop runs and not get wicked out by them.
My intraday bias is to look to buy the last test of the day low, I am not really interested in buying breakouts because the adverse volatility will make it hard to have a small stop and good RRR (above 5) unless your entry is almost at the very bottom of the day.
This is an area to be PATIENT intraday and be entirely willing to let price go without you having any position. The bears will try hard to run the bulls' stops and being very conservative on your entry will work better than succumbing to even the smallest degree of fomo.
A good strategy might be to pick an entry level and stop and then move your entry to where you had your stop in order to benefit from stop runs and not get wicked out by them.
