Hello everyone!
Today, I cashed out my position at 824, after the 2nd rejection at 850 (3rd if you count the quick burst to 864) and bought back in at 764 for a decent ETH gain. Over all I'm super bullish on ETH this year, so my current strategy is to sell at resistance then buy back at support.
Right now there are 2 scenarios I'm willing to swing trade on.
1) hourly close above 750 - Will have me looking at volume and momentum when approaching 800 then 850 and looking to sell with a target buy back of 750 and 800 respectively. A rejection at 800 would mean short term back down to 750 or even 700 while a rejection at 850 would probably mean a short term return to 800 then possibly forward to 900.
2) hourly close below 750 - Was possible at the start of writing this but now doesn't look very likely. But a close below 750, would look for me to sell my current position and look to buy back around 700. An over sold bounce has already begun so this scenario isn't very likely and it looks like 750 is going to hold.
Major resistance and support at 700, 800, and 900 with minor supports/resistance levels at 750 and 850.
This is not trading advice but merely a way to write my thoughts down and verbalize my trading strategy. Good luck.
Today, I cashed out my position at 824, after the 2nd rejection at 850 (3rd if you count the quick burst to 864) and bought back in at 764 for a decent ETH gain. Over all I'm super bullish on ETH this year, so my current strategy is to sell at resistance then buy back at support.
Right now there are 2 scenarios I'm willing to swing trade on.
1) hourly close above 750 - Will have me looking at volume and momentum when approaching 800 then 850 and looking to sell with a target buy back of 750 and 800 respectively. A rejection at 800 would mean short term back down to 750 or even 700 while a rejection at 850 would probably mean a short term return to 800 then possibly forward to 900.
2) hourly close below 750 - Was possible at the start of writing this but now doesn't look very likely. But a close below 750, would look for me to sell my current position and look to buy back around 700. An over sold bounce has already begun so this scenario isn't very likely and it looks like 750 is going to hold.
Major resistance and support at 700, 800, and 900 with minor supports/resistance levels at 750 and 850.
This is not trading advice but merely a way to write my thoughts down and verbalize my trading strategy. Good luck.