Welcome! I've been learning/praciting technical analysis for awhile now and have recently learned a lot about price action. I plan to publish my thoughts at least once a week. My goal is to practice, improve, learn and hopefully share some knowledge with the community. Please feel free to challenge and question me (respectfully). This is also not financial advice in anyway and is meant for entertainment. PSA: Don't look for advice from random people online- learn and create your own ideas for trades!
Daily:
Right now ETH is finding support at the June low after dipping a little under it last week. Last week was quite bearish for ETH and I'm not sure it is going to get any better yet. The July low acted as resistance overhead when ETH tried to rally.
4H:
ETH has created a couple of higher lows around 400-401 yet a series of lower highs has also come with these(more detail in the hourly chart here:
Trade Scenario:
From around 365, I'll be looking for a bounce to the 400-410 level and definitely take some profits then. If price action looks good there I will hold and look for higher targets for profit taking.
Note
Quick dump happened: Not quite to my target buy area yet. I may short on a retrace higher if a good trade presents itself.
Note
Updated chart: You can see we bounced on/near the April low. It actually was taken out on some of the exchanges. Expecting some kind of rally. I picked up a decent sized position and will take profits on the way up. If the rally gets weak I may look for shorts in a good spot.
Note
Just closed above $360 on 1D. Swing Failure Pattern- we took out the April low and closed above. If ETH closes above $360 on the 4H and 1D I think we may see a nice move up.Note
4H SFP close: Looks good so far. Hoping for the daily next.
Note
We dipped down in a lower order block in the 350s. A daily close over 360 would be good but without that I think ETH is in danger of more downside.Note
1H chart: You can see the old support/range that launched the previous rally is not acting as resistance. Below we have a weekly level/350 psychological level acting as support.
4H chart:
We had 3 closes in a row below 360 April low on 4H chart. It has since overtaken 360 and is meeting tough resistance above. I think we may see a wick into the previous support but ulitmately I think support below may not hold. I'll look for a bottom down around 300- there is another nice support level there. I may short the retest here- just watching for now.
Note
Looking into the charts more I did find a low time frame bullish set up. I may trade this. Could be a bounce after brutal sell off. I'll still be looking for shorts if we get a good setup.Note
Hit the breaker for my long and drifted a little lower. Stop was not triggered. Slightly in the green now and above 360. See what happens.
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.
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.