ETH/USD 12H (Bybit) Channel exited but about to enter back &down
Ethereum is going for 7 weeks without a red candle, it's going down pretty soon in my opinion!
Wasn't able to really break-out the parallel channel, I'm expecting a retracement near Fib. 0.236 (201.84) at least, but could bounce on EMA20 first, around 212.60 USD.
Look at how it got rejected on last high zone (~230ish) this is a sign it should totally enter back the channel this weekend or next week.
A stronger correction is also valid until support, maybe MA50 or even Fib 0.382 if (185.43) bears are back to the game. Set-up:
Entry range= 227.50 - 223.30 (Mark)
Take Profit= 212.70 | 203.05 | 193.50 (Index)
Stop Loss= 238.15 (Last)
Risk/Reward ratio= 1:1 | 1:1.75 | 1:2.5
Expected Profit= 5.63% | 9.92% | 14.15%
Possible Loss= -5.66%
Leverage= 5x | 10x | 15x
Fib. Retracement= 0.236 | 0.382
Wasn't able to really break-out the parallel channel, I'm expecting a retracement near Fib. 0.236 (201.84) at least, but could bounce on EMA20 first, around 212.60 USD.
Look at how it got rejected on last high zone (~230ish) this is a sign it should totally enter back the channel this weekend or next week.
A stronger correction is also valid until support, maybe MA50 or even Fib 0.382 if (185.43) bears are back to the game. Set-up:
Entry range= 227.50 - 223.30 (Mark)
Take Profit= 212.70 | 203.05 | 193.50 (Index)
Stop Loss= 238.15 (Last)
Risk/Reward ratio= 1:1 | 1:1.75 | 1:2.5
Expected Profit= 5.63% | 9.92% | 14.15%
Possible Loss= -5.66%
Leverage= 5x | 10x | 15x
Fib. Retracement= 0.236 | 0.382
Trade active
Note
You can cut the SL some slack, I put 242.40 for now.Note
First target almost reached, you can move your SL to entry or even in profit.Trade closed: stop reached
SL reached, I hope you put one in profit after the dump as I recommend yesterday!
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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.