Ending Diagonal on Etherium? - Short
Updated
In my opinion this is a nice spot to open a quick short trade on etherium with a great risk reward .
Every criteria point of this pattern have been reached, except for the one i'm expecting to see it happen.
Measuring the fibonacci, from the bottom to the top of this upper move, we will see that we are trying to find support on the 0.5 area.
We have not visited the 0.618 (golden pocket), and I really consider that to be a nice liquidity area. From the 0.618 to the 0.786.
Also, it looks like the selling volume is getting bigger than the buyers volume , so this gave me one more reason to open this trade.
Every criteria point of this pattern have been reached, except for the one i'm expecting to see it happen.
Measuring the fibonacci, from the bottom to the top of this upper move, we will see that we are trying to find support on the 0.5 area.
We have not visited the 0.618 (golden pocket), and I really consider that to be a nice liquidity area. From the 0.618 to the 0.786.
Also, it looks like the selling volume is getting bigger than the buyers volume , so this gave me one more reason to open this trade.
Trade closed manually
So... I have closed this trade just right at 3520 busd. We are reaching out the lower limit of this falling wedge, so I got rid of the leverage.
The drop has been very violent, so I'm expecting also a nice juicy bounce.
If we check the daily time frame, we can see that we have just touched the 200 ema. All this confluence made close the trade and secure the profits made.
Comment
Currently sitting on my hand and waiting to start to escalade some long positions. Checking the price action...
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