ETH USD_Bull Trap Incoming
Updated
Hello everyone, going to keep this idea short and simple.
1) Ascending wedge right near what appears to be a top resistance channel. (The Red Trend Line)
2) RSI way overbought. Bearish divergence appeared on the momentum indicator.
3) No good support up here that was tested twice with lots of volatility over the past several days.
4) Be careful, BTC is about to face a tough resistance.
For anyone that wants to go long at the current point, I suggest that you don't until we break out of this wedge and away from that Red trend line.
For any day traders out there, beware any sudden drops, keep your stop losses tight, and your take profits tighter!
With that said, I'm going to go with what I believe the scenario is, A TRAP! The price might not reach all the way to the green buy area, but I believe we established support in this region prior and it is closer to the predicted upward green bull trend.
And the final disclaimer, anything that I state is NOT financial advice, and in other words, in any trade you take, you assume all the risk and at the same time all the reward. Before buying any market positions, make sure you do your own research first and not to risk more than you can afford to lose.
-May BTC reach Mars before Elon Musk
1) Ascending wedge right near what appears to be a top resistance channel. (The Red Trend Line)
2) RSI way overbought. Bearish divergence appeared on the momentum indicator.
3) No good support up here that was tested twice with lots of volatility over the past several days.
4) Be careful, BTC is about to face a tough resistance.
For anyone that wants to go long at the current point, I suggest that you don't until we break out of this wedge and away from that Red trend line.
For any day traders out there, beware any sudden drops, keep your stop losses tight, and your take profits tighter!
With that said, I'm going to go with what I believe the scenario is, A TRAP! The price might not reach all the way to the green buy area, but I believe we established support in this region prior and it is closer to the predicted upward green bull trend.
And the final disclaimer, anything that I state is NOT financial advice, and in other words, in any trade you take, you assume all the risk and at the same time all the reward. Before buying any market positions, make sure you do your own research first and not to risk more than you can afford to lose.
-May BTC reach Mars before Elon Musk
Note
Still a trap. Clear resistance at the 650 level.
Target #1 = very risky buy, would not recommend unless you love being in this market regardless of position.
Target#2 = Fair but still risky. Wouldn't recommend more than 20% of position here.
Target#3 = Decent position if support is confirmed.
Note
I was not expecting such a bullish move, but I'm not ready to call this one wrong yet. Technically, there is still major resistance right around 675. I'm expecting the timing to be off and the price end prices might be a bit different.
What I'm looking for:
1) A clear double top formed without breaking 675
2) Short positions opened in BTC with BTC selling to less than 9000.
If ETH manages to close a single 4H candle above 675, I'm calling this one dead.
(Posted in commends by accident.)
Order cancelled
Invalid set up. I'm calling this one wrong. Genuinely surprised at the lack of pullbacks in this market. Well, if you cant' beat em, join em!Note
I just want to say that I might have missed the price and day entirely but did get the bull trap call idea at least correct.
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