gillianpatrice
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ETH/BTC SHORT - Areas of confluence for a Change of Trend

BITFINEX:ETHBTC   Ethereum / Bitcoin
ETH has failed at the final gatekeeper 78.6 of the previous move swing (1). Whilst my overall bias is bullish I've scaled my position until price finds support.
FIb #1- overall fib of the ATL             and the ATH            
Fib#2 - the corrective wave after the bull run.
Fib#3- the last wave 5 before the recent correction (price failed here)

I am looking for a level of support where the Bulls may be buying in to ETH as I believe the run is not over just yet.
The first level I am watching is the 0.076862
- a 61.8 retracement level as well as a 50% of Fib#1 and Fib#2. There is also order flow and consolidation or an area where fractals formed.
Price could wick through here hit the 127% extension (green line) and hold the purple line and head toward the ATH             (1) which happens to be a 127% of the move. This makes sense to me so it's definitely the area that I am watching closely to see if there is a change of trend on the lower time frames say the hourly.
A deeper retracement could occur and in this case I will be watching for the level - 0.061624 - is the 0.382 of the major move and the previous leg up it is also near the 161.8% of the last wave, and previous resistance/support. That gives us 4 good reasons to watch for a change of trend on the 1 hr             after price heads down into this area.


Just my trade plan in no way is it advice. Plans don't always work they just keep you in the game longer.
Đóng lệnh: đạt mục tiêu: Our first level of support has just been met by price. Now I'll be watching for a COT /1-2-3 pattern on a 4hr or hourly to reload my postion.
Thank you Gillian!
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