I expected a rejection on 1880 resistance and also in this level exactly is the 0.786 fib level if we draw fibs from the ATH to the lowest that price came from the last drop (1291) BUT ETH decided to take a nap today and we are stack here going sideways.
The reason to be on alert and not make any stupid trades here is that we are close to heavy resistance and SRSI and RSI are overbought for a long time now and they need to reset just an observation of course, because 12H 24h candles are looking bullish.
As long as we stay inside the uptrend channel thinks are looking good.
My stop loss will be pretty close and my leverage pretty small here.
If we start dropping i will have limit orders on the 0.618 fib level ,drawing the fib levels from the start of the uptrend (1442) to whatever the top will be.If this happens i will post a new idea keep an eye on my posts.
Thank you for reading my post, have a great day, wish you all the best !
Information provided is only educational and should not be used to take action in the market.
Feel free to ask anything in the comments :)
The reason to be on alert and not make any stupid trades here is that we are close to heavy resistance and SRSI and RSI are overbought for a long time now and they need to reset just an observation of course, because 12H 24h candles are looking bullish.
As long as we stay inside the uptrend channel thinks are looking good.
My stop loss will be pretty close and my leverage pretty small here.
If we start dropping i will have limit orders on the 0.618 fib level ,drawing the fib levels from the start of the uptrend (1442) to whatever the top will be.If this happens i will post a new idea keep an eye on my posts.
Thank you for reading my post, have a great day, wish you all the best !
Information provided is only educational and should not be used to take action in the market.
Feel free to ask anything in the comments :)
Comment:
Rejected on the 0.786 fib and now going up yo test the lower trend line of the channel, lets see what market gives us.Continuation to the upside or lower high ?
Comment:
ETH starting to look weak, but be cautious if you jump on a short, ETH loves to play with the kids.
Trade closed: target reached