ETHBTC |S/R Flip | 55 EMA | Short Trade
Updated
Today's analysis – ETHUSDT – A bearish re-test of local resistance will form a local swing high failure, validating a short trade with daily support as the immediate target.
Points to consider:
- S/R flip
- 55 EMA (visual guide)
- Below average volume
- Oscillators below 50
ETHUSDT needs to hold the re-test at local resistance to establish a lower high forming a bearish bias in its local trend. However, price breaking above daily resistance negates the thesis.
The 55 EMA will act as a visual guide; price trading below this indicator will support the bearish bias.
Volume is below average, an influx is likely as price retests resistance. Volume influx is necessary as this will help dictate the strength of the move and avoid fake outs.
Both oscillators below 50, trading below this level retains the bearish bias indicating weakness in the market.
Overall, in my opinion, a strong price rejection upon re-test of local resistance with volume follow-through validates a long trade with technical targets below and defined risk above resistance.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- S/R flip
- 55 EMA (visual guide)
- Below average volume
- Oscillators below 50
ETHUSDT needs to hold the re-test at local resistance to establish a lower high forming a bearish bias in its local trend. However, price breaking above daily resistance negates the thesis.
The 55 EMA will act as a visual guide; price trading below this indicator will support the bearish bias.
Volume is below average, an influx is likely as price retests resistance. Volume influx is necessary as this will help dictate the strength of the move and avoid fake outs.
Both oscillators below 50, trading below this level retains the bearish bias indicating weakness in the market.
Overall, in my opinion, a strong price rejection upon re-test of local resistance with volume follow-through validates a long trade with technical targets below and defined risk above resistance.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Order cancelled
Trade close - bullish price action.
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