After closing my previous short with a decent profit, I've been watching this pairing and ETH has made a nice run. On the 12 hour here, although daily looks fairly similar. We see this broke through this order block, hit the .5 fib from the last low to high and the PoC. It is now retesting this order block. We now have the red 200 ema and white 100 ema supporting us and the .618 fib ~1% below that. RSI along the ema and looking like it might take a stab to test the bullish control zone. Stochs high, but these can snake around fairly high on a run (daily RSI looks similar, daily stochs look like they have more room to grow). I actually took this long earlier today when we pushed down to .0226. But I'll continue to be a buyer with my last long around the .618 fib, which is also right around the yellow 21 ema and orange 55 ema. There are some nice targets here the line up well with these order blocks and fibs (.382 @ .023679 and .236 at .024623). I currently have my stop pretty tight (~.0222), but long-term, I'll probably put it below the recent spike low (~.0217). I'm fairly cautious about this trade, because it goes against what I think ETH is doing, but I don't trade what I think if the charts don't agree, but because of that, I will keep my stops a little tighter until we see a more convincing movement up.
Trade active:
Bounced down to the support we discussed, and headed right up to roughly target 1. This perfectly tapped the white horizontal laid out here. I am taking a bit of profit here and setting SL to just above my entry.
Trade closed: target reached:
Well this moved quicker than expected, but a tidy 10% profit with margin for a 100% ROI. Heading into a higher volume node, so we may see some sideway action here. Will keep watching this pairing to look for the next opportunity. If we get a move above the most recent high then I think we could see ETH really take off. However, if this gets beat down by the order block it is entering, then we have a lower high and this starts to take the appearance of descending triangle.