ETH Broke the Range High – Now What?
Current Status:
Yesterday, May 27th, ETH broke the range high. The range high of roughly 1885 has been holding ETH back since May 10. The Question is what to do now?
Basic Assumption:
My basic premise is that the correction is over, and that ETH will not get to the range low in the near future. Of course, anything can happen, and the next few days will show if this correction is behind us or not. Fortunately, ETH’s chart is relatively simple and if the following conditions are met, I think we can long ETH.
Long Conditions:
1. If ETH breaks through the diagonal resistance line and holds it as support.
2. If ETH clears the horizontal support of 1935 USD.
3. The move up has to be convincing, meaning with volume and range.
• You should note that yesterday’s move left an imbalance on the chart (red box) and if your system allows you the risk, it can be an entry as well, assuming we get there.
If this is the start of a mini bull market, I am expecting ETH to make it to at least 2700 USD, but we’ll cross that bridge when we get there. First, we need to break this local resistance.
My trade Ideas:
1. Conservative Scenario
Entry: 1930
SL: 1900
Target: 2700 USD (it is wise to take profit along the way)
2. For the Brave and Reckless
Entry: 1850 (at the imbalance below the range high, if we get there)
SL: 1795
Target: 2700 USD
NFA
Don’t be a Degen. Avoid high leverage. FA
Feedback will be appreciated.
Yesterday, May 27th, ETH broke the range high. The range high of roughly 1885 has been holding ETH back since May 10. The Question is what to do now?
Basic Assumption:
My basic premise is that the correction is over, and that ETH will not get to the range low in the near future. Of course, anything can happen, and the next few days will show if this correction is behind us or not. Fortunately, ETH’s chart is relatively simple and if the following conditions are met, I think we can long ETH.
Long Conditions:
1. If ETH breaks through the diagonal resistance line and holds it as support.
2. If ETH clears the horizontal support of 1935 USD.
3. The move up has to be convincing, meaning with volume and range.
• You should note that yesterday’s move left an imbalance on the chart (red box) and if your system allows you the risk, it can be an entry as well, assuming we get there.
If this is the start of a mini bull market, I am expecting ETH to make it to at least 2700 USD, but we’ll cross that bridge when we get there. First, we need to break this local resistance.
My trade Ideas:
1. Conservative Scenario
Entry: 1930
SL: 1900
Target: 2700 USD (it is wise to take profit along the way)
2. For the Brave and Reckless
Entry: 1850 (at the imbalance below the range high, if we get there)
SL: 1795
Target: 2700 USD
NFA
Don’t be a Degen. Avoid high leverage. FA
Feedback will be appreciated.
Giao dịch đang hoạt động:
ATM, ETH is trying to break through the trendline. it still has to break the closest resistance at 1930.
Scenario 2 is active if you longed the 1845 - 1850 area you are in profit.
Scenario 2 is active if you longed the 1845 - 1850 area you are in profit.
