ETH Range Trading: Retest 1625 to bounce. Otherwise 1400s
Range High = 1700
Range 0.618 = 1625
Range Low = 1575
We are heading for the "Golden Line" at the 0.618 Fibonacci retracement of the range. If we successful hold this as support I will look to long.
If we lose 1625, I would expect we make a HTF leg down to retest intraday demand
DEMAND Primary = 1545
Consolidation that preceded the pump to 1700
VPVR shows liquidity at this level
DEMAND Secondary = 1430
Quick retest of the previous ATH before we pumped to 1700
VPVR shows liquidity at this level
SUMMARY:
Hold 1625 to long. Otherwise, I expect a dump to 1545 and 1430 if we lose 1545. Then I would really load up on low leverage longs and more spot.
Range 0.618 = 1625
Range Low = 1575
We are heading for the "Golden Line" at the 0.618 Fibonacci retracement of the range. If we successful hold this as support I will look to long.
If we lose 1625, I would expect we make a HTF leg down to retest intraday demand
DEMAND Primary = 1545
Consolidation that preceded the pump to 1700
VPVR shows liquidity at this level
DEMAND Secondary = 1430
Quick retest of the previous ATH before we pumped to 1700
VPVR shows liquidity at this level
SUMMARY:
Hold 1625 to long. Otherwise, I expect a dump to 1545 and 1430 if we lose 1545. Then I would really load up on low leverage longs and more spot.
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