ETH has moved up and out of its consolidation under the $315 resistance zone. The impulse of this move up cleared the bear mitigation block at $320 and freed up liquidity for volume to open up - which it has. However, there is a complex resistance pattern that need to be worked through, patience is key here and wait for a nice deep pullback or breakout and close...
Observing this pattern to see how it develops - too much current uncertainty to make a trade.
There does appear to be a bearish garltley - that I have not charted - formed. Completion of this pattern would take us to the buy target and bullish mitigation block.
I will update in due course.
As per chart - I longed at $228.00 so have wiggle room for a stop.
Price will follow BTC's trend - currently driven by Quarterlies once again.
Be sensible and wait it out if you don't want to risk being chopped out.
Anyone shorting in the $220-230 range on full margin will have issues if we break out north.
Expect the short squeeze to break a lot of...
Several key resistance levels here as shown. $51.5 is currently a monster resistance level.
The last trade went very well and a 2x of the pot was yielded using margin / key TP levels.
Setup is as shown on the chart. A 1D close above $51 invalidates this setup.
A 4hr close bellow the 0.382 fib invalidates the cup/handle and we are back to the channel support...