ETH | USDT - What's next
There's two ways I would look at this.
First of all, this entire zone is a weekly demand and can extend to as deep as 1200. When you zoom out, the actual number becomes insignificant, and you would look at the price momentum and market structure to determine your next move. While it may not seem like it on LTF, retesting this entire zone is bullish and not bearish until we lose it decisively. Wicks excluded.
Second, if we lose the weekly level at 1394, then I would expect a sweep of the MO. Sweep + reclaim of the weekly level and you have a well defined long.
Otherwise, I would expect this to take out the stops below 1200 before resuming upward. This structure might seem broken on lower timeframes, but would appear as a wick on the daily and weekly charts.
First of all, this entire zone is a weekly demand and can extend to as deep as 1200. When you zoom out, the actual number becomes insignificant, and you would look at the price momentum and market structure to determine your next move. While it may not seem like it on LTF, retesting this entire zone is bullish and not bearish until we lose it decisively. Wicks excluded.
Second, if we lose the weekly level at 1394, then I would expect a sweep of the MO. Sweep + reclaim of the weekly level and you have a well defined long.
Otherwise, I would expect this to take out the stops below 1200 before resuming upward. This structure might seem broken on lower timeframes, but would appear as a wick on the daily and weekly charts.
Trade closed: target reached:
Held at MO. Thread closed