So our TA has been playing out perfectly over the past month. In my last idea, I posted about ETH having a pullback to the 1270 area before retesting 1430 for a possible double top. We only pulled back to the 1316 level but still hit my target of 1430 shortly afterwards. Now we're at a crossroads where there's two scenarios:
1. We either double top here at 1430 and retest the micro support of 1365 (pink line) or the major support near 1270 before finally breaking out past 1430 and testing the 200 EMA near 1525.
2. We continue upwards and test the 1525 level immediately and reject to the 1430 level before breaking upwards and through the 200 EMA into bullish territory.
Right now I'm leaning towards the first option for a few reasons. We have bearish divergence forming on the Stoch RSI (which is also overbought), while the RSI is overbought as well. Now this doesn't mean we can't go higher, it just means these may need to reset a little before having the strength to push through this major resistance in order to effectively test the 200 EMA.
With that said, I'm still in half of my long position from 1165 but I took a hedge at 1435 and plan to take half profit at 1365 and another half at 1270 if we get there.
If you enjoyed my TA or had any questions about the indicators used, please leave a comment or send me a DM :)
1. We either double top here at 1430 and retest the micro support of 1365 (pink line) or the major support near 1270 before finally breaking out past 1430 and testing the 200 EMA near 1525.
2. We continue upwards and test the 1525 level immediately and reject to the 1430 level before breaking upwards and through the 200 EMA into bullish territory.
Right now I'm leaning towards the first option for a few reasons. We have bearish divergence forming on the Stoch RSI (which is also overbought), while the RSI is overbought as well. Now this doesn't mean we can't go higher, it just means these may need to reset a little before having the strength to push through this major resistance in order to effectively test the 200 EMA.
With that said, I'm still in half of my long position from 1165 but I took a hedge at 1435 and plan to take half profit at 1365 and another half at 1270 if we get there.
If you enjoyed my TA or had any questions about the indicators used, please leave a comment or send me a DM :)
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🤝 Let's Connect:
🌎 Website - cryptoscripts.com
🐦 Twitter - twitter.com/CryptoScriptsAI
📺 Youtube Indicator Tutorials - youtube.com/c/CryptoScripts
📱 Facebook - facebook.com/CryptoScripts
🌎 Website - cryptoscripts.com
🐦 Twitter - twitter.com/CryptoScriptsAI
📺 Youtube Indicator Tutorials - youtube.com/c/CryptoScripts
📱 Facebook - facebook.com/CryptoScripts
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.