ETH short-term short
Updated
Good morning to you all.
Here it is looking like we have a short term setup for a short on ETH. We have ETH continually testing the 4H 100 EMA repeatedly which matches with the Ichimoku cloud very nicely.
If ETH cant turn around soon and stop the continuous push on these lines we should test areas near the bottom of the cloud.
If you are entering this trade I would recommend a tight stop loss because we could see a stronger bounce off of the 100 EMA but that is unlikely for me.
Here it is looking like we have a short term setup for a short on ETH. We have ETH continually testing the 4H 100 EMA repeatedly which matches with the Ichimoku cloud very nicely.
If ETH cant turn around soon and stop the continuous push on these lines we should test areas near the bottom of the cloud.
If you are entering this trade I would recommend a tight stop loss because we could see a stronger bounce off of the 100 EMA but that is unlikely for me.
Note
100 EMA & the lagging strand are still holding ETH. I would have stop-loss at the top of the cloud which also coincides with the 50 EMA. However, the trade will be updated tomorrow with pictures. As of now weak-ish bear signals should hold us in our trade.Note
Still showing signs of a shorter-term drop in ETH. From the circles right to left I will give some further explanation on why. First, we have a TK cross developing (or very likely). Second, we have ETH continuously testing the 4H 100 EMA while only briefly testing the 50 EMA. Thirdly, we have the lagging strand which is under historic price and is also moving towards the Kijun support level. All of these signs are showing bearish signals. However, we are still in the green cloud so they aren't as strong as a signal as if they were below. I still believe we will see the bottom of the cloud tested before ETH makes another move.
Note
ETH played out as expected and I will continue monitoring the market to see how this will continue playing out. I think this bear could retest again. However, we did get a good bounce off of the daily 50 EMA and a strong hold could lead to stronger support.135 --> 126 (7%)
Order cancelled
Going to cancel out this trade. I am not sure where we will go from here, getting some mixed signals.Ill try to bring more trades when I see good setups. I am not here to predict the future of crypto months and weeks out. I hope to bring small, profitable, consistent trades.
Best of luck
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