ETH Weekly Analysis 8/20/18
Updated
Welcome! I've been learning/praciting technical analysis for awhile now and have recently learned a lot about price action. I plan to publish my thoughts at least once a week. My goal is to practice, improve, learn and hopefully share some knowledge with the community. Please feel free to challenge and question me (respectfully). This is also not financial advice in anyway and is meant for entertainment. PSA: Don't look for advice from random people online- learn and create your own ideas for trades!
1W:
Even with a nice bounce off the lows ETH still finished in a down week. The close above the 1W bullish EQ is a good sign though. There are some interesting set ups for longs and perhaps a short opportunity as well.
1D:
You can see a nice 1D OB that has confluence with the 1W Bullish EQ and a couple of the monthly lows from some time back.
4H:
I like this set up a lot here. You can see ETH has found support several times at the 1W bullish EQ, monthly lows + 1D OB area. There is a nice 4H breaker just below this area around $270. I love trying to play that area if we get some kind of sell off. This is also around a .7 fib retrace from the prior long term low to the recent high we saw. More on this in trade ideas. Above you can also see a bearish block(this is actually from a 12H chart) that will probably act as resistance on the next test.
Trade Idea 1:
I think you can aim for a higher target if this bounce goes well. I try to set my take profit level at the most recent swing high to start.
Trade Idea 2:
If we see these highs again I will probably go short for at least a quick trade.
1W:
Even with a nice bounce off the lows ETH still finished in a down week. The close above the 1W bullish EQ is a good sign though. There are some interesting set ups for longs and perhaps a short opportunity as well.
1D:
You can see a nice 1D OB that has confluence with the 1W Bullish EQ and a couple of the monthly lows from some time back.
4H:
I like this set up a lot here. You can see ETH has found support several times at the 1W bullish EQ, monthly lows + 1D OB area. There is a nice 4H breaker just below this area around $270. I love trying to play that area if we get some kind of sell off. This is also around a .7 fib retrace from the prior long term low to the recent high we saw. More on this in trade ideas. Above you can also see a bearish block(this is actually from a 12H chart) that will probably act as resistance on the next test.
Trade Idea 1:
I think you can aim for a higher target if this bounce goes well. I try to set my take profit level at the most recent swing high to start.
Trade Idea 2:
If we see these highs again I will probably go short for at least a quick trade.
Comment
Long from 270.50. See what happens. Okay bounce so far. Stop loss just under order block at 267.50.Comment
I've closed this position for now. May long a retest or look for it go a little lower to long.Comment
Hope everyone managed to dodge the BitMex mess. At first, I wasn't liking what I saw on the ETH chart but right now I really like this trade. I think this could be a big one if it plays out. ETH is sitting near good support with bullish daily and weekly equilibriums right below here. Resistance above has been tested twice so if this 3rd attempt can break through ETH could see some big upside. I'm playing it with a tight stop loss so I can use a bigger position.
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