EthereumUpdated ETH 4-HR, What Next?
ETH probed above the $100 resistance line and was immediately rejected. The Longs are backing their push with some higher than usual volume and the belief that, in the short term the $80 area is a solid buying point for FOMO.
Short-term trend: BEARISH
Long-term Trend: BEARISH
If we are going to continue the upward trend, we will follow Trendline (D) noted on the chart
If we go lower we will most likely follow the path of Trendline (B)
I am watching the .50 fib retracement, volume and candle size for the hope that my DCA* positions will pay-off nicely!
My Opinion is that the longs will not have what it takes to kick us over the line and hold, so I put the probability we head back towards the shaded box where we predicted price to fall and become volatile.
To trade, or not to trade, that is the question.
If you're going to attempt a long position at an entry below $100, I would dollar-cost-average into the trade in the event the upward momentum is stalled, or worse, continues lower than the $80.00 level.
Thinking of shorting? The shorts were virtually wiped out recently leaving some wiggle room for the possibility of this short-term run-up. I would be VERY hesitant to short at these levels as history seems to suggest there is more upside potential in the long term.
Merry Xmas, Happy Holidays. If you find some value leave a Like and a comment or a chart. I don't mind discussing all points of view and trading ideas!
*DCA: Dollar-Cost-Averaging
Short-term trend: BEARISH
Long-term Trend: BEARISH
If we are going to continue the upward trend, we will follow Trendline (D) noted on the chart
If we go lower we will most likely follow the path of Trendline (B)
I am watching the .50 fib retracement, volume and candle size for the hope that my DCA* positions will pay-off nicely!
My Opinion is that the longs will not have what it takes to kick us over the line and hold, so I put the probability we head back towards the shaded box where we predicted price to fall and become volatile.
To trade, or not to trade, that is the question.
If you're going to attempt a long position at an entry below $100, I would dollar-cost-average into the trade in the event the upward momentum is stalled, or worse, continues lower than the $80.00 level.
Thinking of shorting? The shorts were virtually wiped out recently leaving some wiggle room for the possibility of this short-term run-up. I would be VERY hesitant to short at these levels as history seems to suggest there is more upside potential in the long term.
Merry Xmas, Happy Holidays. If you find some value leave a Like and a comment or a chart. I don't mind discussing all points of view and trading ideas!
*DCA: Dollar-Cost-Averaging
Note
Changing Dynamic: Please review -- this is for 4-hour intervals R1 - $98.32
R2 - $100.00 [high volatility]
R3 - $102.54
S1 - $95.01
S2 - $92.68
S3 - $89.59 [high volatility]
Trading Trend 4HR = sideways for at least another day!
Leave a comment, Like, or a chart.
GOOD LUCK
Note
Note
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