EthereumLong
ETH/USD Long, Can Lightning Strike Twice?
Updated
After hitting the target for our last long position on this pair, Ethereum has pulled back for a bullish retest and found some support on the top of the demand zone.
Entering another long position targeting the equilibrium of the 12-Hour order block for the 1st Take-Profit @ $227.50, which is confluent with the 50% level of this latest move.
2nd Take-Profit is the former range high of $232, which is confluent with the 61.8% Fib.
Stop-Loss is fairly tight because Bitcoin could easily break the micro support it has been building and go test the bottom of its range which would give us a better opportunity to enter another long for ETH/USD.
Entering another long position targeting the equilibrium of the 12-Hour order block for the 1st Take-Profit @ $227.50, which is confluent with the 50% level of this latest move.
2nd Take-Profit is the former range high of $232, which is confluent with the 61.8% Fib.
Stop-Loss is fairly tight because Bitcoin could easily break the micro support it has been building and go test the bottom of its range which would give us a better opportunity to enter another long for ETH/USD.
Trade active
Looks like ETH found some resistance around the daily open.Decided to take some profit around $215.
Letting the rest ride on this position with a Stop-Loss now at break even.
That being said, it is looking quite weak here and could easily continue it's downward trajectory if Bitcoin does not see a strong bounce around $6450.
Trade closed manually
Decided to close this trade out before reaching the final target. Buyers seem to be showing signs of exhaustion.Still a nice profitable trade.
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