ETHUSD Monday market review.
Joining SOS Donny does a complete market review on Monday nights.
Getting in before Donny to gauge how my knowledge is growing within the trade space.
Might be biased towards seeing daily demand/supply blocks on LTC because I rode it halfway down.
I see either a large demand block off the 8th jan candle, or a smaller demand block 2 at the 26th december 2019. They are daily blocks so I feel comfortable placing lots of weight on them. I decided to set up a longer term trade to get into an early long position,...
After a strong sell off looking at this set up as a retracement-flag
Trade set up
Waiting for trade, looking for market structure too change, indicators break of trend break below support
looking for the retest of resistance as an entry.
Candlestick analysis wicks
RSI looking for peaks or divergence
Trade time would expect this trade from break retest too...
Ethereum Classic / BTC 240 Binance
ETC testing the bottom of the current range, while respecting the short term down trend.
As price gets squeezed here I will be watching for a potential long opportunity if we break trend and create a higher low on the retest.
(If price breaks to the down side there will be no trade)
Will be watching for 2 things on the break,...
Showing a continuation of the down trend after a symmetrical triangle
Volume is reducing
Likely to be a day for the entry and then a further 3 days for the TP to hit.
Monitor the candle sticks and trend to confirm that the resistance line will hold and break
- Broke first trend line. Now in descending wedge pattern. Candle closed below support at 61.8% FIBS level, current candle pulled back but hasn't closed yet.
- If 61.8% support does not hold, the descending wedge will continue to 78.6% FIBS support (first red circle). This area will see price action (break up or down) from descending wedge. Area also coincides...
Link has respected the daily uptrend, broke through the downtrend with a bullish engulfing.
Large target given the volatility of btc lately.
Deemed a higher risk trade so only 0.5% of acc risk.
I Will have a trailing stop set up after each Take profit hit.
Last TP make also be set as a trailing TP depending how trade goes
As the chart has formed a rising wedge in a downtrend, I see the overall sentiment to be bearish. I have set targets for shared my targets for entry, Stoploss and Take profit targets. I have used fibs also support and resistance to choose these. Hope you enjoy.
Long trade within the trend, based on my previous TA about the cup and handle, Going with the philosophy "its right until its not"
Hit the previous demand block and also stayed above daily support, long to upper trend line with TP's along the way.
LinkUSD pair has formed a tripple top, with multiple points of support and resistance converging. Should there be a break in the swing low, significant downside might be expected.
