We have a clear hammer candle on the 4-hr chart for ETH right at critical support. This paired with the deeply oversold RSI and high volume indicate a counter trend rally is imminent.
The resistances to watch and seek as targets for this swing trade are $400 and the orange downtrend line from the recent high. Stop loss set at $350 which can be moved higher if the trade plays out.
Happy Trading :)
-Yoshi
The resistances to watch and seek as targets for this swing trade are $400 and the orange downtrend line from the recent high. Stop loss set at $350 which can be moved higher if the trade plays out.
Happy Trading :)
-Yoshi
Comment:
Looks like pennant forming on the hourly which is a continuation pattern. Stop placed just below $350. target for this trade is $400.
Comment:
ETH price is struggling to hold above the $360 support/resistance. The aforementioned pennant has transformed into a rising wedge which suggests a breakdown is likely. keeping this trade open for now with a stop set at 350.
Trade closed: stop reached