I already entered the trade but still room to make decent RR for anyone who wants to follow along now. Price is at $3800 right now.
Price rejected daily support and have free space to move up to $3900, already showed signs of reversal with the 4hr shifting bullish and maintaining the $3800 area on retest.
Shifted bearish on 1hr last night but currently forming double bottom again support signs of reversal for continuation to the upside.
Htfs like weekly and monthly also bullish.
I got some other confirmations as well but lets keep it short.
I'll leave my TP open for now and monitor at the prices shown on my chart. I'll update here if I make a decision to take partial or close- If no update then am holding. Hard close at $4100 if somehow we get enough volume to pump there today. I anticipate a short squeeze just don't know if it be today or tomorrow - It depends on volume.
$3900 seems like a reasonable target for today though.
Price rejected daily support and have free space to move up to $3900, already showed signs of reversal with the 4hr shifting bullish and maintaining the $3800 area on retest.
Shifted bearish on 1hr last night but currently forming double bottom again support signs of reversal for continuation to the upside.
Htfs like weekly and monthly also bullish.
I got some other confirmations as well but lets keep it short.
I'll leave my TP open for now and monitor at the prices shown on my chart. I'll update here if I make a decision to take partial or close- If no update then am holding. Hard close at $4100 if somehow we get enough volume to pump there today. I anticipate a short squeeze just don't know if it be today or tomorrow - It depends on volume.
$3900 seems like a reasonable target for today though.
Note
Adjusted my stop a little bit to $3771.41 just in case price wick the low. If get stop due to small additional risk I'll fine with that. But if can save the trade with a bit wider stop then I'll be happy with that as well.Note
Decided to close the trade manually and accept the loss and look for rentry at these prices. RR multiple to the upside will cover initial lossNote
Re-entered Eth long at 3767 stop at 3745Trade active
Note
Took 50% profit @ $3820 . Price looks likely to correct lower so wanted to secure a portion just in case it turns into a full reversal. Bitcoin is also high if correct the correlation will affect eth tooTrade closed manually
Exited eth fully at $3825 area. Sell pressure increasing and price is high. Might re enter for a long later on if make sense or try to catch a short
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.