Ethereum / BitcoinShort
ETHBTC short
Updated
BTC Dominance is poised to continue to move up. ETH will be one of the coins hit hardest. We see ETH here plowing through a blue order block/liquidty zone here. This block will now serve as a resistance. RSI showing a bounce off the bearish control zone, likely to reset to around the midpoint before moving down. Stochs still looking pretty bearish, but I expect we begin to see them to cup and turn up a bit here. This will give us a good chance to set in some shorts.
Bottom edge of the blue box lines up perfectly with 618 fib of last movement. We also have a number of EMA resistances here (red - 200 EMA, white -100 EMA, and orange - 55 EMA). Local PoC also lining up with 100 EMA. I will be layerings shorts along the 618 and each of these EMAs (heaviest order along the 100 EMA). Stop will be set just above the top end of the order block and just above the 382 fib. Given that we just printed a lower high, I'd be expecting us to move past the most local low and push down into the next order block around .019. ~18% move, R/R >8.
Bottom edge of the blue box lines up perfectly with 618 fib of last movement. We also have a number of EMA resistances here (red - 200 EMA, white -100 EMA, and orange - 55 EMA). Local PoC also lining up with 100 EMA. I will be layerings shorts along the 618 and each of these EMAs (heaviest order along the 100 EMA). Stop will be set just above the top end of the order block and just above the 382 fib. Given that we just printed a lower high, I'd be expecting us to move past the most local low and push down into the next order block around .019. ~18% move, R/R >8.
Trade active
During the volatility yesterday, this moved up and perfectly tapped the PoC and 100 ema (white). Now has moved back down but good enough to hit most of my short entries. Not making any adjustments as of yet, but will likely move my stop into profit if we move a bit further down. Need a little more data before we can decide on where would be a good spot.Note
Watching this one closely. If we get above this last little spike high, then I fully expect us to head back to the blue box area. So, I'll plan to close my short if this goes any higher. Will potentially re-add my shorts in blue box depending on how this progresses.Trade closed manually
Going to go ahead and close here. Daily looks poised for a bounce and want to protect profits.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.