ETHUSD Meets the 4Hour Cloud - Heavy ResistanceETHUSDhas come up nicely off of support; I was in a long position from ~130 based off the 3Day QRsi trend support here:
However, I'm currently FLAT due to the massive interruption the 4H cloud brings to the rally.
This particular 4H cloud path has proven it's strength, and price will need to push it's way through this level with energy left to clear the top of the cloud as well.
Trading Ideas; Scalp the pullback (short) until trend support levels are established and confirmed on 30Min QRsi trend; at which point go long and target the 3D QRsi resistance or 3D HeffaeCloud bottom, whicherver comes first. This is likely to be $164-175 depending on when it moves.
30Min QRsi trend structure on bitmex quanto:
Note lower QRsi Trend paints to the stop-run wick as support
(this looks bullish to me, and screams continuation!)
Short a failed rally! Don't close until QRsi trend support is established and tested! Don't get stuck in one sentiment :D
Long the support area of this pullback with stops under clear breaks from QRsi trends as well as lazy candle closes under support. Chart ETHUSD on different exchanges, right now FINEX, GDAX, and BMex Quanto are all charting differently on the lower timeframes.
As well as the 30Min QRsi trend pointing to bottom of stop-run wick as support, the 3H did the same. Multiple timeframes showing confluence with SnR levels == winning trades!
QuantRsi trendlines functioning as Support / Resistance:
Quanto
ETHUSD - Adam & Eve confirmation above $115
This pattern doesn't appear often because stop runs make uneven bottoms or because a higher low rather than equal bottoms is much more attractive as far as cups going ups is concerned.
Quite the price point to be at. There is a chance that a failed breakout will mean new lows, which is dangerous for Ethereum if its $100 psychological support is not held again. It would be a fat short down to something ridiculous. Maybe $12. Lol!
ETHUSD - Cryptocurrency market updateThe cryptocurrency market was overextended, we can see how coins like VETBTC manage to do more than 150% since the "bottom". After 0000 Eastern Standard Time we have seen the downtrend settling in on almost all Binance coins where their volume is drying up or simply crashing with no support to be seen. ETHUSD re-tested our micro-support at 304.71 and then in the same candle re-tested 308.55 which is another micro-support. After touching 320 with a wick, its clear that ETHUSD requires some cooling off, BTCUSD kept trying to breach 6600 with no success which lead to the current situation. What's our take? We exited all cryptomarkets on our last call, waited patiently to see what was going on and now we're ready to short the market.
Conservative play
Short entry point: 307.35
Stop-loss: 320
1st target: 295.98
2nd target: 275.00
Remember to move your stop to the profitable side or use trailing stop in order to get stopped on profit and cover initial entry fees
High intensity play
Short entry point: 307.35
Stop-loss: 309.35
1st target: 300.00
2nd target: 294.85
3rd target: Let your position ride on profit using stop-loss in order to see if we can reach our old support at 258.50.
Telegram: t.me
Website: cryptocue.io
Email contact: support@cryptocue.i o
Disclaimer
CryptoCue is not providing individually tailored investment advice and is not taking subscribers personal circumstances into consideration when discussing investments. Investment involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire position. Investors should consult their registered financial adviser before investing.
CryptoCue is not registered to provide investment advice and is simply providing an opinion, giving a particular experience. Information contained here is not an offer or solicitation to buy, hold, or sell any security.
CryptoCue is not a broker-dealer or financial adviser and is not affiliated with an investment advisory firm and does not engage in activities that would require such registration.
CryptoCue and/or any others affiliated with CryptoCue, are not responsible for any gains or losses that result from the opinions expressed herein.
CryptoCue makes no representation as to the completeness, accuracy, or timeliness of the material provided and all materials are subject to change without notice. Opinions discussed herein have not been reviewed by the securities and exchange commission or any state securities regulatory authority.