ETH Pullback Almost Complete - Long
Updated
Analysis:
Since the 9th of November ETH is in an uptrend.
ETH has found support on this upward sloping trendline four times on:
• November 9th
• November 21st
• December 18th
• March 10th
On previous pullbacks, in December and March, ETH found support between the 0.5 and the 0.618 retracement.
It stands to reason that this pullback will find support at those Fib levels as well.
Additional Confluence:
The 1680 USD level is within the target box. It is previous resistance, flipped into support. The 1680 USD level was tested as support on March 27th. According to liquidity level indicators (and common sense) there is a liquidity pocket below 1680 USD.
Warning:
You should note that ETH’s. sharp rise on March 10-13 left an imbalance on the chart (green boxes). It is possible that ETH will retrace to balance some of these levels, Place your SL accordingly.
My Trade:
Entry: 1645
SL: 1580
Minimum Target: 2140 (Previous top resistance).
R: R 1:5.716
NFA.
Best wishes to all.
Since the 9th of November ETH is in an uptrend.
ETH has found support on this upward sloping trendline four times on:
• November 9th
• November 21st
• December 18th
• March 10th
On previous pullbacks, in December and March, ETH found support between the 0.5 and the 0.618 retracement.
It stands to reason that this pullback will find support at those Fib levels as well.
Additional Confluence:
The 1680 USD level is within the target box. It is previous resistance, flipped into support. The 1680 USD level was tested as support on March 27th. According to liquidity level indicators (and common sense) there is a liquidity pocket below 1680 USD.
Warning:
You should note that ETH’s. sharp rise on March 10-13 left an imbalance on the chart (green boxes). It is possible that ETH will retrace to balance some of these levels, Place your SL accordingly.
My Trade:
Entry: 1645
SL: 1580
Minimum Target: 2140 (Previous top resistance).
R: R 1:5.716
NFA.
Best wishes to all.
Note
ETH is strong af. It has yet to close a daily candle below the 1783$ support line. The daily RSI line is relatively bullish and did not even cross below the 40 level.
I think it is still likely to reach the 0.5 fib retracement at 1713$ and maybe a wick below.
You need to watch this one closely.
Best wishes
Order cancelled
ETH is strong, stronger than BTC and every other altcoin IMO. I am thinking that maybe we will not get much lower prices. I am watching the trendline for a long signal.
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