ETH is moving as planned - What we look to do
Hey everyone, it looks like ETH is moving as planned.
There was a predictable double top short opportunity that respected the .618 fib level to a T, and the RSI is clear of any overbought conditions.
Lower lows are not a confidence booster for any bull, and we are pushing that lower resistance level right now.
Right now we are still still within yesterdays candle, without a strong bull signal forming.
The lower bear volume and rising bull volume is a great signal for lower % day traders, but for swing traders this sets up a pretty lack opportunity.
On the one hour chart, we are only looking at a lower low, while in the Day chart we are just looking at another bearish movement.
Overall, we would call this a NO-TRADE ZONE. The market needs to show some signs of recovery the next few days to really move.
For the bulls out there, volume is the key to look at. Bulls need new bullish movement coupled with strong volume to recover from this $21 move.
For the bears, it doesn't look like a confirmed close to the short position yet, but keep your finger on the trigger if you want to squeeze out the rest of your profit from this run. Keep an eye on that RSI for any divergence in the next coming days. That is a great way to break the lower low patterns.
What do you all think? Would you enter in to a long right now?
-Block
There was a predictable double top short opportunity that respected the .618 fib level to a T, and the RSI is clear of any overbought conditions.
Lower lows are not a confidence booster for any bull, and we are pushing that lower resistance level right now.
Right now we are still still within yesterdays candle, without a strong bull signal forming.
The lower bear volume and rising bull volume is a great signal for lower % day traders, but for swing traders this sets up a pretty lack opportunity.
On the one hour chart, we are only looking at a lower low, while in the Day chart we are just looking at another bearish movement.
Overall, we would call this a NO-TRADE ZONE. The market needs to show some signs of recovery the next few days to really move.
For the bulls out there, volume is the key to look at. Bulls need new bullish movement coupled with strong volume to recover from this $21 move.
For the bears, it doesn't look like a confirmed close to the short position yet, but keep your finger on the trigger if you want to squeeze out the rest of your profit from this run. Keep an eye on that RSI for any divergence in the next coming days. That is a great way to break the lower low patterns.
What do you all think? Would you enter in to a long right now?
-Block
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