In this 1-hour chart analysis of ETHUSDT on Bybit, we observe a potential price reaction from a Fair Value Gap (FVG) zone. The current downtrend has left an imbalance in the market, and price is retracing towards the 0.618 - 0.65 Fibonacci retracement levels, which align with the FVG area.
Key Observations:
🔹 Market Structure: The price is in a bearish trend, forming lower highs and lower lows.
🔹 FVG & Fibonacci Confluence: A strong resistance zone is marked within the $1,980 - $2,000 range, coinciding with the Golden Pocket (0.618 - 0.65 Fib levels).
🔹 Expected Price Action:
- A bullish retracement (green path) into the FVG zone.
- A rejection from this resistance area, leading to a continuation of the downtrend (red paths).
- Potential targets for the drop are around $1,860 - $1,800, aligning with previous liquidity zones.
Trading Plan:
📌 Short Entry: Around $1,980 - $2,000 if rejection signs appear.
📌 Stop Loss: Above $2,020 to invalidate the bearish setup.
📌 Target: $1,860 - $1,800 based on historical support levels.
This idea is based on market imbalance and liquidity dynamics, so watching for confirmation before entering a trade is crucial. 🚀🔍
Key Observations:
🔹 Market Structure: The price is in a bearish trend, forming lower highs and lower lows.
🔹 FVG & Fibonacci Confluence: A strong resistance zone is marked within the $1,980 - $2,000 range, coinciding with the Golden Pocket (0.618 - 0.65 Fib levels).
🔹 Expected Price Action:
- A bullish retracement (green path) into the FVG zone.
- A rejection from this resistance area, leading to a continuation of the downtrend (red paths).
- Potential targets for the drop are around $1,860 - $1,800, aligning with previous liquidity zones.
Trading Plan:
📌 Short Entry: Around $1,980 - $2,000 if rejection signs appear.
📌 Stop Loss: Above $2,020 to invalidate the bearish setup.
📌 Target: $1,860 - $1,800 based on historical support levels.
This idea is based on market imbalance and liquidity dynamics, so watching for confirmation before entering a trade is crucial. 🚀🔍
Trade active
stil falling due to BTC drop, trade could still play out...
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💬 Discord Community
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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.
MY LINKS
📈 Free Signals
bit.ly/3YxiRXr
💬 Discord Community
bit.ly/4jHHA3O
💵 Favorite Exchange
bit.ly/4lBeTXt
📈 Free Signals
bit.ly/3YxiRXr
💬 Discord Community
bit.ly/4jHHA3O
💵 Favorite Exchange
bit.ly/4lBeTXt
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.