ETH Bearish Scenario
Updated
I want to start by saying I'm not a macro bear in any way. But what I've learned from the last 4 years is reading the market without bias guarantees success more often than not. This is my bear scenario/final bottom before moving up into the summer.
Green and Red boxes are 1H .618 / .79 fibs drawn according to my strat. IF we consolidate, this is what I see happening. Yellow lines are the top and bottom of a very important 1D Institutional Order Block. Black lines are April 4H levels.
I expect an upward bounce in toward red before breaking the bottom Inst. level and taking us down one last time to somewhere around 2100 to 1800. (see 1)
Trade becomes invalid if we dump and close below bottom triangle line, as this would make that institutional level hard resistance. (see 2)
I see little to no issue leaving bids at these levels (2100 to 1800) as they will more than likely get wicked into quickly.
This is by no means trading advice, only an idea. If you decide that this correlates with something you have in mind, stick to very low leverage (2x to 3x). 2100 to 1800 bids with very low leverage should yield a high R:R swing.
Good luck, traders. The bloodbath is almost over.
Green and Red boxes are 1H .618 / .79 fibs drawn according to my strat. IF we consolidate, this is what I see happening. Yellow lines are the top and bottom of a very important 1D Institutional Order Block. Black lines are April 4H levels.
I expect an upward bounce in toward red before breaking the bottom Inst. level and taking us down one last time to somewhere around 2100 to 1800. (see 1)
Trade becomes invalid if we dump and close below bottom triangle line, as this would make that institutional level hard resistance. (see 2)
I see little to no issue leaving bids at these levels (2100 to 1800) as they will more than likely get wicked into quickly.
This is by no means trading advice, only an idea. If you decide that this correlates with something you have in mind, stick to very low leverage (2x to 3x). 2100 to 1800 bids with very low leverage should yield a high R:R swing.
Good luck, traders. The bloodbath is almost over.
Trade closed: target reached
Closing most of the position.
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