ETHUSDT 4H short setup
TA Explained
ETHUSDT faces some serious resistance on the 1D timeframe after a breakout of the bullish pennant. Its currently in correction and a retest of the breakout would be a strong confirmation of the broken resistance zone turned into support.
On the 1H TF you can see a weakening upward movement. Price getting rejected lower and lower while finding support at the same level. Once this level breaks (it keeps being tested) a move to the previous low zone can be expected.
A further drop should at least test previous resistance zone which would be support now.
Trade setup
Best entries: 236.80 - 234.80
TP1: 228.60
TP2: 221.97
TP3: 216.69
SL: 246.77
RR: 2.55
Max leverage: 4x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
ETHUSDT faces some serious resistance on the 1D timeframe after a breakout of the bullish pennant. Its currently in correction and a retest of the breakout would be a strong confirmation of the broken resistance zone turned into support.
On the 1H TF you can see a weakening upward movement. Price getting rejected lower and lower while finding support at the same level. Once this level breaks (it keeps being tested) a move to the previous low zone can be expected.
A further drop should at least test previous resistance zone which would be support now.
Trade setup
Best entries: 236.80 - 234.80
TP1: 228.60
TP2: 221.97
TP3: 216.69
SL: 246.77
RR: 2.55
Max leverage: 4x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
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.