update on ETH:
Excuse the mess of this chart I day trade ETH so it is slightly messy but all of the areas marked are key levels so if we drop below expect strong volume at these levels.
the main pattern I am focused on is a bear flag or rising channel after seeing great bullish momentum for the last week a pullback would be healthy for continuation to the upside, I have been trading the range from 3500 (3537 being my main entry level) and 3660 being my tp. been a profitable week on that basis.
a test of the previous swing high would be an excellent catalyst for a strong volume bounce which is what i'm looking for.
a key indicator that we are flipping the trend short term would be a break of the thick orange line as you can see it has been tested as support/resistance numerous times so if we hold this level at around 3520 that would mean a short term bounce back to the 3600 level. if we break and retest the target is my purple line, perfect entry for a short TP1 3268 and TP2 3158. set tight stop loss if taking a short as volume is so high and swing fail to the downside then rise back up would not surprise me.
Important points:
- bear flag currently testing bottom support
- orange line held multiple times, if we break then bearish short term
- downside targets are 3268, 3158
- a volume supported break of yellow line will see more solid upside
- going to be extremely volatile the next few days and direction is unclear so tight SL or be patient and wait for key levels to be hit
Excuse the mess of this chart I day trade ETH so it is slightly messy but all of the areas marked are key levels so if we drop below expect strong volume at these levels.
the main pattern I am focused on is a bear flag or rising channel after seeing great bullish momentum for the last week a pullback would be healthy for continuation to the upside, I have been trading the range from 3500 (3537 being my main entry level) and 3660 being my tp. been a profitable week on that basis.
a test of the previous swing high would be an excellent catalyst for a strong volume bounce which is what i'm looking for.
a key indicator that we are flipping the trend short term would be a break of the thick orange line as you can see it has been tested as support/resistance numerous times so if we hold this level at around 3520 that would mean a short term bounce back to the 3600 level. if we break and retest the target is my purple line, perfect entry for a short TP1 3268 and TP2 3158. set tight stop loss if taking a short as volume is so high and swing fail to the downside then rise back up would not surprise me.
Important points:
- bear flag currently testing bottom support
- orange line held multiple times, if we break then bearish short term
- downside targets are 3268, 3158
- a volume supported break of yellow line will see more solid upside
- going to be extremely volatile the next few days and direction is unclear so tight SL or be patient and wait for key levels to be hit
