Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/03/23
Market Overview
Trade Setups
Below are the potential trade setups that I would be interested in trading:
Short Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back up to the 200MAs, currently projected to be @ $1740-1750 by the time price reaches it, and bounce back down.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out
My Recent Trades
DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I am simply sharing what I am doing, and I will not be responsible for any actions you take based on the analysis and comments that I provide. The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!
What are your thoughts? Please leave your ideas and analysis in the comments below! Do give the post a like and a follow.
- Price Action: Ethereum has taken a major dump, dropping more than 10% from a high of $1870 to a low of $1655. It is now trying to find support in this area as Bitcoin is testing major support. Ethereum and Bitcoin is highly correlated at the moment, so it will likely follow the same moves that Bitcoin makes. Similarly, holding or breaking this level of support will determine whether we have a major correction or a major rally. Prepare yourselves for some volatility. Let's hope its to the upside.
- Chart Patterns: N/A
- Areas of Interest: The area(s) of interest for me are the 200MAs @ $1740-1750. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.
Trade Setups
Below are the potential trade setups that I would be interested in trading:
Short Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back up to the 200MAs, currently projected to be @ $1740-1750 by the time price reaches it, and bounce back down.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out
My Recent Trades
- 2021/03/16: I had a winning trade! I entered a long @ $1738, with Stop Loss @ $1718, and price reached a high of 1803.9, giving a risk reward ratio of 3.3:1.
- 2021/03/05: I had a winning trade! I entered a long @ $1,540.0, with Stop Loss @ $1,522.4, and price reached a high of $1,670.0, giving a risk reward ratio of 7.4:1.
- 2021/02/21: I had a losing trade. I entered a long @ $1,970.0, with Stop Loss @ $1,868.6, and stop loss hit.
DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I am simply sharing what I am doing, and I will not be responsible for any actions you take based on the analysis and comments that I provide. The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!
What are your thoughts? Please leave your ideas and analysis in the comments below! Do give the post a like and a follow.
