Low risk trade ETH 1DWelcome to the lab!
Over the past few days BINANCE:ETHUSDT has been consolidating over a very important support level, which is 127$ and showed a bullish movement. However BINANCE:ETHUSDT is forming a bearish inside bar which means we are pulling back to test that support again.
Also ETH is now pretty warmed up fundamentally due to hard forks which are happening 11 and 16 of January.
After ETH tests the support it will head towards 168$ which is our first take. 168 level has always historically been a very strong support, capable of a local trend reverse. So it will be a major test for bulls.
If we manage to break through 168 the next take will be 190$ which was acting as our support before the dump.
To sum up it is a low risk trade with a clear spot for a stop loss.
Entry : 130$-127$
STOP: 120$, however if you are worried that you will get stopped out and willing to take extra risk put it to 110$ bellow 2 bar false breakout.
1 take: 168$
2 take: 190$
He was the one to transform metal to gold, water to vine and charts to cash. D. Chemist
All information in the article is for educational purpose only and is not a trading advice.
