ETH.USDT (Y21.P1.E4).Looking for the next entry
Updated
Hi All,
Note: No log settings hence a channel in place.
There is 2 scenarios in my mind that will play out and the 4 hrly chart is best to watch.
If we lose the lower high on the 4 hrly, then that opens the door to retest the bottom of the channel or the 0.618 fib level.
For now, I see this level on the 10/20 ema as part of the trend. If it loses this level, then the trend is compromised to the 12 HRLY or Daily.
For now, we still see downward pressure and the candle sticks reflect this.
RSI level is to be watched on the 4 HRLY, where the bulls have jumped in for support.
Which way am I leaning?
I think it is 50/50 at this point and might hold based on this bullish hammer with 20 min to go.
All the best,
S.SAri
BEARISH SCENARIO
Note: No log settings hence a channel in place.
There is 2 scenarios in my mind that will play out and the 4 hrly chart is best to watch.
If we lose the lower high on the 4 hrly, then that opens the door to retest the bottom of the channel or the 0.618 fib level.
For now, I see this level on the 10/20 ema as part of the trend. If it loses this level, then the trend is compromised to the 12 HRLY or Daily.
For now, we still see downward pressure and the candle sticks reflect this.
RSI level is to be watched on the 4 HRLY, where the bulls have jumped in for support.
Which way am I leaning?
I think it is 50/50 at this point and might hold based on this bullish hammer with 20 min to go.
All the best,
S.SAri
BEARISH SCENARIO
Note
12 HRLY trendNote
BEARISH SCENARIO, if this level doesn't holdNote
If price breaks this level, buy
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Related publications
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.