ETHUSD Update Good for Day Traders, others look for lower entry
Updated
ETHUSD Update Neutral in near term but still bearish whilst trapped under 440
Very interesting price action here: having sold at 468/9 we were waiting to see if ETH could hold up above the lower
parallel...it tried so hard for a few hours but eventually it succumbed...failed breaks: remember the pyschology gone
over in past posts...day traders are out almost immediately an ETH dives to find structure to left, losing the line at 446 like a
hot knife through butter, finding support around the next line of support at 433/target level for bears to close out shorts
with a low at 432 (mid structure here, so far) on the chart. Although day traders have bailed out some have bought back
lower and others, bemused by the price action remain long...the pattern is confusing in the very near term at that
point...bulls say it's cool, spike down, correction done, it's OK so long as 446 holds it up ...those looking at the bigger
picture are not so sure ...we did the right thing to trap in profits close to the highs of the run: and not to get trapped at
the 480 levels even though it was looking fine for a few hours before failing. It was OK to close out shorts at 433 too. But
this pattern is not healthy now. ETH has not finished its rinse out by look of it. More stale bulls need taking out, still,
before this is ready to rock again...it's till under pressure whilst unable climb back above 440 and hold up there...432
must hold now if ETH is to have a chance of stabilising here. Any failure here will tip ETH back into bear territory, forcing
price lower to 418 and likely spiking as low as 410 before rallying back to 432/3. Annd if at any point 410 gives way
by more than 3points look to shoort again on next pull back to 410 fr another decline to 385. Good trades here so long as we
follow what the chart is telling us. Initial resistance at 439-440. Needs to break above here and hold before the bears
will let go, then it should run up to 446-8 again and come off one more time from there.
Good moves for day-traders here but for swingers and those looking to buy this at a good price it looks like we'll get
a better chance from lower down if we wait, and not be tired by waiting, etc.
Very interesting price action here: having sold at 468/9 we were waiting to see if ETH could hold up above the lower
parallel...it tried so hard for a few hours but eventually it succumbed...failed breaks: remember the pyschology gone
over in past posts...day traders are out almost immediately an ETH dives to find structure to left, losing the line at 446 like a
hot knife through butter, finding support around the next line of support at 433/target level for bears to close out shorts
with a low at 432 (mid structure here, so far) on the chart. Although day traders have bailed out some have bought back
lower and others, bemused by the price action remain long...the pattern is confusing in the very near term at that
point...bulls say it's cool, spike down, correction done, it's OK so long as 446 holds it up ...those looking at the bigger
picture are not so sure ...we did the right thing to trap in profits close to the highs of the run: and not to get trapped at
the 480 levels even though it was looking fine for a few hours before failing. It was OK to close out shorts at 433 too. But
this pattern is not healthy now. ETH has not finished its rinse out by look of it. More stale bulls need taking out, still,
before this is ready to rock again...it's till under pressure whilst unable climb back above 440 and hold up there...432
must hold now if ETH is to have a chance of stabilising here. Any failure here will tip ETH back into bear territory, forcing
price lower to 418 and likely spiking as low as 410 before rallying back to 432/3. Annd if at any point 410 gives way
by more than 3points look to shoort again on next pull back to 410 fr another decline to 385. Good trades here so long as we
follow what the chart is telling us. Initial resistance at 439-440. Needs to break above here and hold before the bears
will let go, then it should run up to 446-8 again and come off one more time from there.
Good moves for day-traders here but for swingers and those looking to buy this at a good price it looks like we'll get
a better chance from lower down if we wait, and not be tired by waiting, etc.
Note
Nice trade so far: ETHUSDIf you got long as ETH came back to the support at 418 it's a
nice trade. But close out now and think about shorting here
with stops above 434...it's still vulnerable right now to
another big sell off back 410 and if this fails back to 385
where we should be looking to buy again with stops under 380
for rally to 410 where we sell again, if struck
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