***NEVER follow a random chart without DYOR***
***Never buy at one price with all your funds***
***PERP contract prices can vary***
Hey everyone, it's your boy HONEYITSGONE, and I have a quick idea on Ethereum.
We broke out of the pennant had a retest and a continuation to the upside (classical). We are now looking at Bull and Bear scenarios.
MACD on the D1 shows consistent volume (Also watching the LTFs for divs). BB%B tells us the Bollinger bands have expanded and can continue if buy volume stays steady. RSI is above 70, which can be bullish. We can see a scenario where price action hugs the Upper band until exhausted. Another method might be price action trending between the Middle and Upper band. The least likely outcome is a break below the Middle band and tap on the lower band.
I don't recommend shorting unless you are quick and reactive, as we are on an uptrend.
DCA strategy
Short Scenario
Build a short position within the red box labeled, "Short" and our target is the red box labeled "Short TP zone". Don't be greedy. Set a S/L that best suits you above the red box labeled "Short". Lower S/L for-profit if possible. Note that it is always safer to Short a break in the structure. Otherwise, you might say HONEYITSGONE!
Bull scenario
Build a long position in the green box labeled, "BUY" and our target is the green box labeled "Long TP zone". Raise your stop for profit if possible.
***Note price action does not need to reach the top of our Take profit areas. Set realistic(humble) sell/buy orders within the TP areas.
Bull or Bear, we will keep mindful of possible changes.
Best Wishes,
HONEYITSGONE!
***Never buy at one price with all your funds***
***PERP contract prices can vary***
Hey everyone, it's your boy HONEYITSGONE, and I have a quick idea on Ethereum.
We broke out of the pennant had a retest and a continuation to the upside (classical). We are now looking at Bull and Bear scenarios.
MACD on the D1 shows consistent volume (Also watching the LTFs for divs). BB%B tells us the Bollinger bands have expanded and can continue if buy volume stays steady. RSI is above 70, which can be bullish. We can see a scenario where price action hugs the Upper band until exhausted. Another method might be price action trending between the Middle and Upper band. The least likely outcome is a break below the Middle band and tap on the lower band.
I don't recommend shorting unless you are quick and reactive, as we are on an uptrend.
DCA strategy
Short Scenario
Build a short position within the red box labeled, "Short" and our target is the red box labeled "Short TP zone". Don't be greedy. Set a S/L that best suits you above the red box labeled "Short". Lower S/L for-profit if possible. Note that it is always safer to Short a break in the structure. Otherwise, you might say HONEYITSGONE!
Bull scenario
Build a long position in the green box labeled, "BUY" and our target is the green box labeled "Long TP zone". Raise your stop for profit if possible.
***Note price action does not need to reach the top of our Take profit areas. Set realistic(humble) sell/buy orders within the TP areas.
Bull or Bear, we will keep mindful of possible changes.
Best Wishes,
HONEYITSGONE!
