ETH still sinking
Updated
Good morning everyone,
ETH still seems to be in muddy waters. First, we have the price finally breaking the cloud. Next up we have the lagging strand hanging in the cloud as well as being below historical price. We also have a weak downward cloud starting. I mostly believe that with no signs of ETH flipping to the bulls with bearish Ichimoku signs means we will continue our downtrend. We also have the EMA 100 being broken. These are all bearish signals.
I expect to see a retest of the 125 range we saw on my last trade. If closes below 133 end of day UTC I believe it will serve as farther validation. However, if ETH somehow pushes back up high into the cloud this trade should be forgotten. Unlikely. I personally have a more relaxed stop loss position while having profits starting around 125 support. Depending on the slippage severity we could see 113 range tested as next strong support.
Let me know what you think below.
Thanks
ETH still seems to be in muddy waters. First, we have the price finally breaking the cloud. Next up we have the lagging strand hanging in the cloud as well as being below historical price. We also have a weak downward cloud starting. I mostly believe that with no signs of ETH flipping to the bulls with bearish Ichimoku signs means we will continue our downtrend. We also have the EMA 100 being broken. These are all bearish signals.
I expect to see a retest of the 125 range we saw on my last trade. If closes below 133 end of day UTC I believe it will serve as farther validation. However, if ETH somehow pushes back up high into the cloud this trade should be forgotten. Unlikely. I personally have a more relaxed stop loss position while having profits starting around 125 support. Depending on the slippage severity we could see 113 range tested as next strong support.
Let me know what you think below.
Thanks
Note
Some tight squeezes going on for both ETH and BTC. Hopefully we will see some movement soon.Note
Had a profit target go through on the downward push earlier.I think the trade will continue to play out. Daily RSI is testing the 50 mark and without a strong bounce we will see the trade continue on.
Note
Glad to see the trade follow through. Hope everyone was able to make some good trades. I will continue monitoring. As of now, I expect this area to act as resistance. I expect ETH to now test the area near the bottom of the daily cloud. Will post pictures below.
Note
Daily: 4HR:
Note
ETH turned around quite harder than expected. I hope you found some good profits on the first half.I think we will see it come down from its high 137 though. Its worth consideration to reload a short and ride the fall again.
If a push pashes 140 we should see it go farther up. But this doesnt look likely.
Trade closed manually
Still holding bottom of cloud resistance but going to go ahead and close this one out. I will post a new chart when I get some strong signals.
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