1st management point reached for a nice 4.5 ROI
Potential moves in ETH/USD based on technical analysis Price action is showing a descending triangle. The pattern has been tested 6 times on the trendline and 8 on support Descending triangles usually break downward. on a Sell, take profit is around 265 (21% gain, 7% risk). on a Buy, take profit is around 393 (10% gain, 5% risk) volume has flattened...
Expecting further strength in the market, before to establish a possible long scenario ... looking to participate in the underlying uptrend and expecting the price to break out the Last Swing High area
If the price is unable to keep pushing higher, then looking for short entries in lower time frames around the blue area, would be a good idea in order to participate in the underlying downtrend
Bullish signals to go long - Pullback to 50ema - Strong support at 1.71 - Lowtest doji - Price is slowing - Uptrend Entry: Buy-limit at 1.71 Stop: 1.70, below the lowtest doji. (100pips) Exit: Takeprofit at 1.77 area (Nice 1:6 RR)
If there is no follow trought to the upside a possible short entry could be triggered, in order to participate in the underlying downtrend channel
Wait for short entries around the extreme of the Trend Channel
If the price is unable to keep pushing higher, unable to break the 2320 area, then looking for short trades would be a good scenario, based on a low risk in comparison to the possible reward
Description in chart ... looking to participate in the underlying up trend
On the 4 hourly chart we see resistance with the long tails / Dojis in the candle price action. They appear to be respecting the Major resistance line which has previously been a major Pivot or Swing line. A lot of selling activity and short positioning may be occurring here. This might be reinforced with the poor US Economic fundamentals, poorly received Trump...
For the next week, may be expecting further weakness in the UJ, ... so my bias for the next week is to the bear side,therefore I will be looking to short opportunities in lower time frames .... however as a manner of observation look the behavior of the price around the extreme of the trend line (Last red circle), so good opportunities present around the...
For now the price fits its daily action within an uptrend channel, however, the prices are around Upper Limit, fact that locates the market into an "oversold" condition. So based in this context I would prefer to wait in order to buy "cheaper" and with that I mean to buy around the Lower limit when a retracement is going on
Look for a change in behavior pattern around the last swing low area (2500)
Look for a change in behavior pattern around the 1.3420 area in order to play possible long entries, you could look for set ups in Lower Time frames