What we can observe here are Daily candles and Weekly Level's. To be more specific : A Daily timeframe Retest of a Weekly timeframe S/R level after a Daily engulfing candle. The weekly candle closing in 3 Hours at or below 1775 Weekly Support level looks great for bears. Bear pressure seems quite overwhelming and is coinciding with the opening of a new weekly candle. After 50 trading days of ranging since April 22nd, it appears price may be attempting to decease with some fundamental factors coming into play. The Technical's are screaming at us now to jump onto the train. This is a good risk/reward idea considering bearish market structure. If I was a buyer, I'd wait to see the size of the new weekly candle bottom wick before making an investment decision. Considering momentum, we must appreciate the fact that the next weekly candle will likely attempt to fill at least part of the current weekly candles bottom wick ( which is -3.12% ).
Note
1 Hour Chart . Price is moving as anticipated. We had a few confluences that supported our short at the time of the publishing. 1. New weekly candle volume 2. Weekly S/R level 3. momentum on Daily/weekly timeframes to the downside. 4. weekly candle about to close bearish Note
We have filled the majority of last week's bottom wick with momentumNote
Our swing idea is moving as anticipated. For additional opportunities on Eth this is what to wait for -> Trade closed: target reached
How nice! " Engulfing = More Momentum ahead" has been confirmed :) Note
ETH moved 7% in our favor at one point throughout the week. It currently sits 1.6% in our favor. The Weekly candle has a roughly 30 hours until the close. I'm anticipating price to create a larger weekly candle body than the 1.6% body we currently have. Consequently the price will aim back towards 1684 Weekly S/R Level to close off the week Note
I have changed my bias on this idea. Please check my recent publishing on ethereum and my thoughts on how we will close out this week.
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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.