The Monthly candle is a Doji candle and with Eth's recent rise has returned back to Break Even on the Month. I'm anticipating that we will have some trouble breaking the $1,915 Weekly supply zone created on the week of May 29th. Ethereum's recent rise of 17% compared to Bitcoin's 25% has been quite disappointing for a smaller market cap cryptocurrency. Although we have broken out of a recent Bearish channel, I can see price pulling back before heading towards medium term highs at $2,121. Additonally we can observe the 2 most recent daily candle's have are shooting star - like candles. The top wick's on each candle being larger than the body of the candle. A Coincidence that these candles have printed at our weekly supply zone $1,915?
Bearish Monthly target for July is $1,660
Favoring Downside Because of Weekly Market Structure Pointing down.
Target's through rest of June and July are
Take profit 1 : $1,786
Take profit 2 : $1,730
Take profit 3 : $1,660
If Wrong, Firstly Cut losses short and the Bullish Monthly target for July is $2,121
Bearish Monthly target for July is $1,660
Favoring Downside Because of Weekly Market Structure Pointing down.
Target's through rest of June and July are
Take profit 1 : $1,786
Take profit 2 : $1,730
Take profit 3 : $1,660
If Wrong, Firstly Cut losses short and the Bullish Monthly target for July is $2,121
Comment:
Short Idea called at 1874 . Price is on it's way towards Take Profit 1 $1786. Price is at 1845 currently. Through the new weekly candle price is pulling back away from our $1,915 weekly supply level. Anticipating the direction as the weekly candle transitions can be provide great moves in the market.
Comment:
Price once again testing the lows, threatening to break away from the Supply Zone $1,915. It is currently testing the Daily support level that was created yesterday at $1,860
Trade closed: target reached:
Just hit TP 3. Took about 2 Months
