Bullish Reversal for ETH? BE EXTREMELY CAREFUL.
It looks like a textbook Bullish Reversal with this Inverted Head and Shoulders (IHnS) pattern but be very careful as the VOLUME seems very weak, and the average volume is gradually decreasing. Usually, with breakouts like this, we expect a high volume spike to confirm the move and this looks like MANIPULATION in my opinion.
The manipulation strategy we use goes like this, the moment price breaks the support ($1130) and closes (4H candle) below it, enter with SL above the High. Let it run down and use a trailing stop to let your winners run. If you are new here, remember nothing is confirmed but chances are higher there. Most retail would actually enter a long at support retest after this breakout and that is where the big money eats their SLs, just below the Support.
The manipulation strategy we use goes like this, the moment price breaks the support ($1130) and closes (4H candle) below it, enter with SL above the High. Let it run down and use a trailing stop to let your winners run. If you are new here, remember nothing is confirmed but chances are higher there. Most retail would actually enter a long at support retest after this breakout and that is where the big money eats their SLs, just below the Support.
Trade active:
I hope everyone who longed this listened to my advice and to manage their risks wisely. Now ETH price has broken below the right shoulder eating up the bulls who put their SL there.
If the neckline is extended, we may see that ETH price is right below it and a huge move is very likely to occur as soon as we end the weekend.
I am entering short trade now at 1050, stop at 1300.
Take profit would be partially from 850 to 700.
If the neckline is extended, we may see that ETH price is right below it and a huge move is very likely to occur as soon as we end the weekend.
I am entering short trade now at 1050, stop at 1300.
Take profit would be partially from 850 to 700.