"ETH/USDT Bearish Trade Setup with Take Profit Targets"
This chart is an analysis of Ethereum (ETH) against Tether (USDT) on the Binance exchange with a 1-hour timeframe.
Key Observations:
Downtrend Confirmation:
The chart shows a clear downtrend with a series of lower highs and lower lows.
The price has been consistently moving below the midline of the Bollinger Bands, indicating bearish momentum.
Bollinger Bands Usage:
Bollinger Bands (red and blue lines) are used to track volatility.
The price touched the upper band (marked with orange circles) and reversed downward, showing strong resistance.
Entry and Take Profit Zones:
A short position (sell trade) is highlighted with a red stop-loss zone.
Two Take Profit (TP) levels are marked, followed by a final TP at 1,935.51 USDT.
This suggests a bearish outlook with a target to reach the lower TP levels.
Resistance and Support:
The resistance zone is around 2,222.77 USDT, where the short trade is initiated.
The support zones (take profit levels) are around 2,050 USDT and 1,935.51 USDT.
Trade Setup:
The trader has entered a short position near the 2,222.77 USDT resistance level.
The stop loss is placed above this zone at 2,288.27 USDT to protect against unexpected upward movement.
The expectation is that the price will decline to the target areas.
Conclusion:
The chart suggests a bearish ETH/USDT setup with an active short trade.
If the price continues downward, traders aiming for 1,935.51 USDT could see profits.
However, if resistance is broken and the price moves above 2,288.27 USDT, the short setup may be invalidated.
Key Observations:
Downtrend Confirmation:
The chart shows a clear downtrend with a series of lower highs and lower lows.
The price has been consistently moving below the midline of the Bollinger Bands, indicating bearish momentum.
Bollinger Bands Usage:
Bollinger Bands (red and blue lines) are used to track volatility.
The price touched the upper band (marked with orange circles) and reversed downward, showing strong resistance.
Entry and Take Profit Zones:
A short position (sell trade) is highlighted with a red stop-loss zone.
Two Take Profit (TP) levels are marked, followed by a final TP at 1,935.51 USDT.
This suggests a bearish outlook with a target to reach the lower TP levels.
Resistance and Support:
The resistance zone is around 2,222.77 USDT, where the short trade is initiated.
The support zones (take profit levels) are around 2,050 USDT and 1,935.51 USDT.
Trade Setup:
The trader has entered a short position near the 2,222.77 USDT resistance level.
The stop loss is placed above this zone at 2,288.27 USDT to protect against unexpected upward movement.
The expectation is that the price will decline to the target areas.
Conclusion:
The chart suggests a bearish ETH/USDT setup with an active short trade.
If the price continues downward, traders aiming for 1,935.51 USDT could see profits.
However, if resistance is broken and the price moves above 2,288.27 USDT, the short setup may be invalidated.
Trade active
trade active from 2,153.91 keep hold in sell position
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Disclaimer
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.
Related publications
Disclaimer
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.