ETHEREUM ($ETH): ETH 2.0 is on Track, but How About this Uptrend
Updated
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Vitalik might have given a little false hope on an ETH 2.0 deadline of July, but the official word is none-the-less that the next phase of Ethereum (ETH / ETHUSD / ETHUSDT / ETHDAI / ETHUSDC) is on track. Ok good, so ETH is on track, but is this uptrend? Let's take a look.
Resource: coindesk.com/vitalik-buterin-clarifies-remarks-on-expected-launch-date-of-eth-2-0
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1. Fractal Trend is showing an uptrend (Aqua bar color) on the 1 hour timeframe despite us seeing bearish short term price action as we continue to consolidate and "roll over."
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua) and/or bullish S/R levels plotted by Directional Bias (Aqua).
3. Right now we are looking for an entry off of S1 with a target of R1 which represents a move above recent highs.
4. If that S1 entry doesn't work, there is another potential entry at S2, although it is unlikely when we arrive at S2 we will still be in a true uptrend via Fractal Trend.
5. Keep in mind that even if we do see a test of the R1 cluster there is a possibility that we will be rejected there or that price will conslidate after breaking that level. In short, the bulls have more than a few things to watch out for here.
6. We will exit our S1 entry if the stop loss is hit or if Fractal Trend signals a downtrend (Maroon bar color) and will no longer be looking for a long entry if Fractal Trend signals a downtrend as stated above.
Good luck family!
Like, Comment & Follow to help the community grow 🎉🎉
---
Vitalik might have given a little false hope on an ETH 2.0 deadline of July, but the official word is none-the-less that the next phase of Ethereum (ETH / ETHUSD / ETHUSDT / ETHDAI / ETHUSDC) is on track. Ok good, so ETH is on track, but is this uptrend? Let's take a look.
Resource: coindesk.com/vitalik-buterin-clarifies-remarks-on-expected-launch-date-of-eth-2-0
---
1. Fractal Trend is showing an uptrend (Aqua bar color) on the 1 hour timeframe despite us seeing bearish short term price action as we continue to consolidate and "roll over."
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua) and/or bullish S/R levels plotted by Directional Bias (Aqua).
3. Right now we are looking for an entry off of S1 with a target of R1 which represents a move above recent highs.
4. If that S1 entry doesn't work, there is another potential entry at S2, although it is unlikely when we arrive at S2 we will still be in a true uptrend via Fractal Trend.
5. Keep in mind that even if we do see a test of the R1 cluster there is a possibility that we will be rejected there or that price will conslidate after breaking that level. In short, the bulls have more than a few things to watch out for here.
6. We will exit our S1 entry if the stop loss is hit or if Fractal Trend signals a downtrend (Maroon bar color) and will no longer be looking for a long entry if Fractal Trend signals a downtrend as stated above.
Good luck family!
Trade closed: target reached
Filled and target hit. Gonna be posting another setup soon. :)
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