EthereumLong
ETH/USD, Quick Scalp Trade Opportunity
Updated
BITMEX:ETHUSD had quite the selloff yesterday, lasting throughout the night. Ethereum dipped substantially further than Bitcoin, but I am not surprised based on how quickly it has gone up since the drop to the yearly low.
We seem to have found a potential temporary bottom at the 12-Hour Order Block, which I was expecting to be a Demand Zone. It wicked through it, but then quickly closed above the equilibrium.
I have entered a scalp long position targeting the 4-Hour breaker above around $218. This could potentially run a bit higher up to around $222, where I will be looking to flip short after closing this scalp long.
As always, this will depend on what price action looks like once we reach that level and I will post a follow-up chart if and when that happens.
We seem to have found a potential temporary bottom at the 12-Hour Order Block, which I was expecting to be a Demand Zone. It wicked through it, but then quickly closed above the equilibrium.
I have entered a scalp long position targeting the 4-Hour breaker above around $218. This could potentially run a bit higher up to around $222, where I will be looking to flip short after closing this scalp long.
As always, this will depend on what price action looks like once we reach that level and I will post a follow-up chart if and when that happens.
Note
Buyback volume looking fairly weak here, I will be moving stops up to break-even, but I still have some hope that we can flip short around $218.Note
Taking some profit early on this scalp as the volume is looking fairly weak. Will let the rest ride.Note
TP 1 has hit @ $214.90Let's see if we can push up a bit further to reach our final target range of $218-$222!
Trade closed: target reached
BOOM! Target reached!I will post some new charts tomorrow.
Hope everyone had a chance to make some money on this move :)
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.