The H4 market structure was bearish, with the blue line highlighting the bearish MSB. However, the previous move upward that shifted the trend bullish was used to plot a set of Fibonacci retracement levels.
They showed the 50% retracement level at $17.06- a level that was tested a few hours earlier. It offered a good R:R opportunity to long, with invalidation below the 61.8% level.
Traders can re-evaluate the market in case prices drop below $16.43
Entry: $17.31
Stop-loss: $16.28
Take-Profit: $21
R:R: 3.58
They showed the 50% retracement level at $17.06- a level that was tested a few hours earlier. It offered a good R:R opportunity to long, with invalidation below the 61.8% level.
Traders can re-evaluate the market in case prices drop below $16.43
Entry: $17.31
Stop-loss: $16.28
Take-Profit: $21
R:R: 3.58
Note
The entry point was not retested as strong bullish sentiment carried ETC toward $21. $21.5 and $22.5 are the next resistance levels
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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.
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.