ETH Retest FLYING HIGH with a Lesson (Line Chart)*I am in no way a financial advisor and you should always do your own due diligence before placing any trade. Do not trade what you are not comfortable with losing. No trade is guaranteed.
When price broke resistance the other day price never retested new support and that’s what happened today, price feel down from the original break out move. It didn’t touch support until today. When price finally touch support it sat there until the buyers took over market which is what is happening now. The buyers really took over the other day when they broke resistance with the breakout move. At that point it was no longer a down trend.
Application of strategy:
When price breaks a resistance level and makes breakthrough move with significant momentum it has to come back down to retest support. If you catch the height of breakout move you can catch the sells back down to support and use the profits back to the upside once price hits support. Vice versa if the market is going bearish and breaks a major level of support with a deep move down, that move eventually has to touch resistance before moving any further down. What triggers the start to a retest is hitting a level of structure that influences price to turn around.
I entered into positions at 2319 price, stop loss 2299 , and take profit 2830
