*Always read updated comments even if the position is closed.
The analysis is an updated version of my previous idea (wrong timeframe, but the argument is still valid).
See my last ETH/USDT idea before reading this. You can also check out my other ideas, which have paid off well this week. Make sure to read the updates.
ETH/USDT 60min TF
Firstly, There was a break in structure on the LTF's. We then found support and established a range for LTF. A rejection followed them. Essentially we thought an H&S might have been forming, but this idea is still incomplete. We are cautious of volume.
As you can see, circles (red bearish, green bullish) on the MACD cross trend might also be attempting a bullish cross. BB%B suggests we can still widen. BB is expanding, and we can expect to hug the lower band until sell volume dissipates. Another BB scenario would be a close above the middle band and then a move along with the upper band until buy volume exhausts. I notice that the LTF's oversold, so it may be a good idea to proceed with caution when attempting a short. TP1 (take profit) and close are the targets (green lines and letters). S/L (stop losses) in red. If stopped, or want a better entry there may be one in the rectangle. Crypto markets typically pump before traditional markets open and slowly sell off going into the late afternoon. The last thing is to keep in mind that bulls have been showing up constantly like they have a darn printing press which is why I usually scalp shorts. I believe there will be a opportunity for a short scalp if this long tags near $3120.00
check out my ETH bearish scenario
Leave a like and follow if you find this decent, and have a look at my other ideas.
Never trust the daily close as it cheats on you daily.
Best wishes,
HONEYITSGONE!
The analysis is an updated version of my previous idea (wrong timeframe, but the argument is still valid).
See my last ETH/USDT idea before reading this. You can also check out my other ideas, which have paid off well this week. Make sure to read the updates.
ETH/USDT 60min TF
Firstly, There was a break in structure on the LTF's. We then found support and established a range for LTF. A rejection followed them. Essentially we thought an H&S might have been forming, but this idea is still incomplete. We are cautious of volume.
As you can see, circles (red bearish, green bullish) on the MACD cross trend might also be attempting a bullish cross. BB%B suggests we can still widen. BB is expanding, and we can expect to hug the lower band until sell volume dissipates. Another BB scenario would be a close above the middle band and then a move along with the upper band until buy volume exhausts. I notice that the LTF's oversold, so it may be a good idea to proceed with caution when attempting a short. TP1 (take profit) and close are the targets (green lines and letters). S/L (stop losses) in red. If stopped, or want a better entry there may be one in the rectangle. Crypto markets typically pump before traditional markets open and slowly sell off going into the late afternoon. The last thing is to keep in mind that bulls have been showing up constantly like they have a darn printing press which is why I usually scalp shorts. I believe there will be a opportunity for a short scalp if this long tags near $3120.00
check out my ETH bearish scenario
Leave a like and follow if you find this decent, and have a look at my other ideas.
Never trust the daily close as it cheats on you daily.
Best wishes,
HONEYITSGONE!
Trade closed: target reached
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