The spike down you could've made a nice short term trade and you shouldve taken profits already. of course a lot of perma bulls will stay in this long position. So what i i epxect or want to see before i go long?
I want those stops to be taken out from the perma bulls. But it needs to be a fast reaction price should not stay to much time under that level. If it gets a violent spike taking out that level and reacts of the purple zone on the chart. I would be very interested in taking a long position.
TP1 is a daily S/R level and TP's 2 and 3 are places where a lot of stops are resting from people that went short.
If it gets to TP3 I expect further downside on Ethereum on the long run i really think the crypto bear market is not finished yet and i would not be surprised to see new lows on Ethereum and bitcoin.
Also if we get down and not get a violent reaction and ethereum starts trading under that blue box i will be looking for shorts at that point
I want those stops to be taken out from the perma bulls. But it needs to be a fast reaction price should not stay to much time under that level. If it gets a violent spike taking out that level and reacts of the purple zone on the chart. I would be very interested in taking a long position.
TP1 is a daily S/R level and TP's 2 and 3 are places where a lot of stops are resting from people that went short.
If it gets to TP3 I expect further downside on Ethereum on the long run i really think the crypto bear market is not finished yet and i would not be surprised to see new lows on Ethereum and bitcoin.
Also if we get down and not get a violent reaction and ethereum starts trading under that blue box i will be looking for shorts at that point