Ethereum Short at the Lows 🏴 (More Risky) / Momentum ↘️
Updated
This Short Idea begins at a 1Hr Support Zone & let me explain my thoughts. The Idea for the trade stems from the fact that the Weekly candle is Bearish. Daily candle is bearish. 4Hr Market Structure is bearish and descending away from our Weekly Supply level at $1,915 ( Published in a previous idea). We are shorting the breakout to the downside in anticipation that the Daily candle will continue to pull down into the close of the candle in 5 Hours. We have clean candles to the left /clean traffic on the 1Hr timeframe down to $1,816. 2 Ways to approach this. 1) Short at the lows anticipating volume to come into the market as we transition into the new daily candle. 2) Wait for a pullback to what was our Daily support level and may now because a Resistance level at $1,860$.
Trade closed: target reached
That only took about 24 Minutes! A Solid Scalp IdeaNote
Price is still respecting Previous Daily S/R Zone at $1,860We have just recieved a 4hr candle back below that price
If the Daily candle closes below 1,860 that is more confirmation for more downside. Price has thus far peaked it's head above there touching up to $1,879 leaving a long top wick to the upside. This could be great liquidity for a drive down to 1,784$ later on and 1,730$ weekly support level
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