ETH/USD is forming a nice symmetrical wedge or an HVF.
With the overall macro trend being bearish at the moment, this looks like a good short. With two different targets set (pink lines), I plan to take some profit (50%) at first target and another (50%) of my order at the last target if this breaks the red line support line.
The last target at about $208 has a Key Level of Significance. The target happens to be at the same exact destination that a strong support/resistance line intersected ETH several times a few months ago and looks like its going to have a strong significance during this down trend.
With the psychology of round numbers coming in, I intend on taking profits a tad bit before these targets hit just to secure the money bag.
Remember to have your stop losses set just incase this trade does something unexpected because no trade is every 100% guaranteed!
This trade shows a good RRR of about 3.5 and also shows a good percentage in return if prices hit target.
With the overall macro trend being bearish at the moment, this looks like a good short. With two different targets set (pink lines), I plan to take some profit (50%) at first target and another (50%) of my order at the last target if this breaks the red line support line.
The last target at about $208 has a Key Level of Significance. The target happens to be at the same exact destination that a strong support/resistance line intersected ETH several times a few months ago and looks like its going to have a strong significance during this down trend.
With the psychology of round numbers coming in, I intend on taking profits a tad bit before these targets hit just to secure the money bag.
Remember to have your stop losses set just incase this trade does something unexpected because no trade is every 100% guaranteed!
This trade shows a good RRR of about 3.5 and also shows a good percentage in return if prices hit target.
Trade closed: target reached:
Target achieved and holding around Key Level of Significance