Easy 5:1 ETH Short On the Cards
ETHPERP Trade thoughts:With the aggressive downside move this week, buyers trying to take back control of market, but bears are not finished. I think bear market is upon us as weekly structure has been taken out for BTC, and for ETH its just a matter of time - once we break and close below 1889 on weekly timeframe bear market will be confirmed for me. This is last attempt to push the market back up by Bulls.
PA is without question trending down with price below the 4H 50 EMA, and consistent lower lows, lower highs.
Good time to sit back and wait for the next short opportunity with PA destined to head back down.
Keep stops above structure level and an easy 5:1, and possibly 15:1 once you can safely tighten stops after stop hunt attempts. Keep above 2456 until you can be certain.
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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.