ETH USDT : Impulsive move or Pull back to previous levels?
Hello guys, hope you are doing well.
Welcome to today's market analysis as a part of "Aglogains - Daily Trade series".
Ethereum is stuck in a range between 3200 - 2900 for the last 2 days, it looks like the market is consolidating here for a while given the fundamental news (US Infrastructure Bill) and other market factors.
Here are the two scenarios that could play out:
1. Either we need to see ETH breakout to form a new higher high and close above 3200, to confirm the continuation of the uptrend.
2. ETH could pull back to 2990 - 2900 levels to retest the support.
I suggest we wait until one of these scenarios plays out, if it does, here is how we can prepare to take advantage of the move.
Scenario 1: If ETH does breakout of 3200 with an impulsive move towards the upside confirming the continuation of the uptrend then, I would look for buying opportunities on the pullback @ 3160 - 3200
Scenario 2: If ETH goes down to the 2990 - 2900 levels to retest the support, I would pay close attention to any wick rejections or bullish engulfing candles to indicate buying pressure at these levels and enter a long trade here.
Let's see how the market plays this one out.
Do let me know if you have a different way to leverage the current price?
Welcome to today's market analysis as a part of "Aglogains - Daily Trade series".
Ethereum is stuck in a range between 3200 - 2900 for the last 2 days, it looks like the market is consolidating here for a while given the fundamental news (US Infrastructure Bill) and other market factors.
Here are the two scenarios that could play out:
1. Either we need to see ETH breakout to form a new higher high and close above 3200, to confirm the continuation of the uptrend.
2. ETH could pull back to 2990 - 2900 levels to retest the support.
I suggest we wait until one of these scenarios plays out, if it does, here is how we can prepare to take advantage of the move.
Scenario 1: If ETH does breakout of 3200 with an impulsive move towards the upside confirming the continuation of the uptrend then, I would look for buying opportunities on the pullback @ 3160 - 3200
Scenario 2: If ETH goes down to the 2990 - 2900 levels to retest the support, I would pay close attention to any wick rejections or bullish engulfing candles to indicate buying pressure at these levels and enter a long trade here.
Let's see how the market plays this one out.
Do let me know if you have a different way to leverage the current price?
