has been decreasing since the bottom reversal and we have entered a consolidation period where a breakout is nearing.
This Trade could play out in 2 ways,
Price Breaks through resistance at 850, Hits Horizontal resistance from major downtrend, tests resistance turned support at 850, and then continues a upward move to 1000USD. Potential for a after this move if price does not break 1000k
ETH Fails to break resistance at 850 and retests horiztonal support at 800-810, Price then breaks to the downside and retest previous lows.
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I cashed out at 891 and will look to rebuy if there is confirmation of support bounce.
For example, I sold at 891 when I saw a bearish divergence in the MACD, and I now look to buy the same position (10eth) 10-20 pts lower once we have confirmation that support holds at 850.
This equals 100-200 USD which covers my stop loss risk from original buy in (857 buy, SL 840)
My Scalp Trade Covered 80% of my loss from 856- 840
900 was also the 0,62 Fib retracement from bottom.