Well... Eth just lost its only support; atleast, I think it did (I'm no eth 'expert').
Would like to try a short at $2363. Could maybe even top out at the highs of current structure (which would indicate a retest of the support level), but I know that you should use the latest PA as a reference for resistance, which would be the structure at $2363.
Will enter a short if it goes up from here without falling further down (I don't want price to create this structure ------> fall down and create new structure below ------> go back up and get above current structure, as this would create new support).
Invalidation would be price getting to the middle of the structure which would mean that my entry wasn't resistance. Price would then also have spent some time above the lost support-level, which then could be bullish.
SL = red dashed line at $2680.
Would like to try a short at $2363. Could maybe even top out at the highs of current structure (which would indicate a retest of the support level), but I know that you should use the latest PA as a reference for resistance, which would be the structure at $2363.
Will enter a short if it goes up from here without falling further down (I don't want price to create this structure ------> fall down and create new structure below ------> go back up and get above current structure, as this would create new support).
Invalidation would be price getting to the middle of the structure which would mean that my entry wasn't resistance. Price would then also have spent some time above the lost support-level, which then could be bullish.
SL = red dashed line at $2680.
Note
Price broke down. But I don't see support?So I moved just moved the trade:
Entry is top of current structure (high from a few hours ago) and SL is highest high of Saturday.
Invalidation is I think 15min candle close above entry as resistance is pretty close (as price just broke down). Because resistance is close I don't think price should be able to spend time above entry.
Trade active
Trade closed manually
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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.