ETHXBT Bearish Flag Setup, Decline Towards 0.074
Updated
Trend Analysis
The main view of this trade idea is on the 15-Min Chart. The Crypto Cross (ETHXBT) hit some resistance around the 0.079 price level and declined below its long term MA. Currently it is in a bearish flag setup, a continuation pattern of the declines if pattern is completed. Expectations are for ETHXBT to decline towards 0.074. A break above 0.077 will negate this bearish view.
Technical Indicators
Currently ETHXBT is below is short (50-SMA) and long (280-SMA) moving averages which is a bearish sign for trend. Also the Awesome Oscillator is negative and trending lower. These indicators support the bearish view for ETHXBT.
Recommendation
The recommendation will be to go short at market. Stop loss will be set around the 0.077 price level with a target of 0.074. This produces a risk reward ratio of 1.68.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in ETHXBT.
The main view of this trade idea is on the 15-Min Chart. The Crypto Cross (ETHXBT) hit some resistance around the 0.079 price level and declined below its long term MA. Currently it is in a bearish flag setup, a continuation pattern of the declines if pattern is completed. Expectations are for ETHXBT to decline towards 0.074. A break above 0.077 will negate this bearish view.
Technical Indicators
Currently ETHXBT is below is short (50-SMA) and long (280-SMA) moving averages which is a bearish sign for trend. Also the Awesome Oscillator is negative and trending lower. These indicators support the bearish view for ETHXBT.
Recommendation
The recommendation will be to go short at market. Stop loss will be set around the 0.077 price level with a target of 0.074. This produces a risk reward ratio of 1.68.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in ETHXBT.
Trade closed: target reached
Target reached. Exit position
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