Updated

[Heads Up] A big risk and a big opportunity for ETH bulls ...

TD count = 8 on weekly, already overbought on weekly TF. Yet Bulls DO have a clear opportunity here: just check back on left ...
In order to succeed here bulls should achieve a STRONG breakout of weekly upper BB (see below) on volume.

Be aware of both risk and opportunity here, either way a strong price swing is expected and you can't afford being caught off guard ...

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IF 250$ breaks i'll be looking for opportunistically buying a bear trap along the path down towards 200$. See MAs for support levels.

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That via multiple orders and lots of increasingly bigger size on the way down.

Trade active

First lot bought @235$

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second lot bought @227$.

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It may bounce, let's see ...

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Even 217$ lot is in.
Impressed.

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Unsurprisingly, it did bounce right there.

Yet volume not there.
Uninsteresting so far.

No further action taken, will look at it tomorrow.

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We nailed the bounce zone, yet there's nothing to add unless price breaks out 250$.

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Meanwhile got my buy orders filled except the last one at the 202$ mark.
Applying Stop Loss slightly below break even on 50% of the trade, in order to reduce risk.

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It looks fragile, yet it starts showing some bullish divergences:

NOthing decisive, but worth noting.

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(That's short term, TF 4H )

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Still diverging.

If support holds, allowing price to breakout resistance, i'd see a potential target of about 240$, in order to try to seal sorto of a W bottom.

Anyway, that's just speculationas of now.
Awaiting further signals from Bitcoin.

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Price congested within purple triangle, volume down.
Watch for upcoming breakout, next move expected within 24/48 hrs.

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Unsurprisingly price already moved to about 235$ and not far from the general 240$ area mentioned above.

Don't forget to place a TP, ride is going to get shaky soon.

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240$ mark was hit.

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Pretty straightforward setup:

Rejection by middle line of BB, but still well over support.
Uninpressive volume today (till now)

Basically nothing happened so far.
Eyes on support, use some caution under 235$:

We're going to see wether this is a bear trap or something different.

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Anyway, remember to limit your risk, it's still a TD=9 on weekly.
Razor's edge.

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OK here we are, price at support ( MA20 and MA50 ).

Now we'll see whether that's a trap or not.

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180$ area is hit.
Please wake the bulls.

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( 182$ is FIB 0.618 ow the while leg up from 116$ )

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BIG disater, small support.

At least bulls, make a higher low here.

Trade active

top buy fired, sollowing with SL.

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"Stop" buy, actually.

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