From the Technical Views:
1. From the weekly point of view, the price is sitting inside the major weekly resistance level and created a double top pattern, and the price is extremely moving to the upside without any proper retracement, we can expect the deeper retracement arise from this level if the price will show rejection inside the current zone.
2. From the daily point of view, the current situation also correlated with the weekly point of view, a deeper retracement to the downside is expected.
How to approach ETHUSD?
1. Switch to the lower timeframe and waiting for the market shift to the bearish environment.
2. Once the market becomes the bearish environment, looking for the short opportunity in the lower timeframe if your rules of the strategy are fulfilled.
3. Short at the moment may not a good idea, because overall is still extremely bullish in the lower timeframe, it is quite risking your capital if you just jump into the short side right now.
The result might not follow my analysis, this analysis is based on the TA & COT perspectives.
Comment down below let me know your view on ETHUSD or which pairs you would like to me analyze in the future.
1. From the weekly point of view, the price is sitting inside the major weekly resistance level and created a double top pattern, and the price is extremely moving to the upside without any proper retracement, we can expect the deeper retracement arise from this level if the price will show rejection inside the current zone.
2. From the daily point of view, the current situation also correlated with the weekly point of view, a deeper retracement to the downside is expected.
How to approach ETHUSD?
1. Switch to the lower timeframe and waiting for the market shift to the bearish environment.
2. Once the market becomes the bearish environment, looking for the short opportunity in the lower timeframe if your rules of the strategy are fulfilled.
3. Short at the moment may not a good idea, because overall is still extremely bullish in the lower timeframe, it is quite risking your capital if you just jump into the short side right now.
The result might not follow my analysis, this analysis is based on the TA & COT perspectives.
Comment down below let me know your view on ETHUSD or which pairs you would like to me analyze in the future.