So ETH finally got it's first *real* bounce since the dumpening of it. It managed to retrace around 30% back up before finding some real resistance.
It's having trouble breaking ~220USD and there's a few signs to be cautious of.
1. Volume on the rejection candle. This could be a sign of absorption of buyers or just heavy selling
2. divergence on the obv and rsi, it shows weakness on the 2nd move up.
3. lower high until proven otherwise
I have a pending order at 218usd but I wouldn't want to open a short right now as the R/R is simply not worth it.
IF we do get a 3rd rejection (which is why I would short) I'll try a short with a stoploss just above the local high.
This is a dead cat bounce until proven otherwise, will be looking at 260 and 300 as key levels.
It's having trouble breaking ~220USD and there's a few signs to be cautious of.
1. Volume on the rejection candle. This could be a sign of absorption of buyers or just heavy selling
2. divergence on the obv and rsi, it shows weakness on the 2nd move up.
3. lower high until proven otherwise
I have a pending order at 218usd but I wouldn't want to open a short right now as the R/R is simply not worth it.
IF we do get a 3rd rejection (which is why I would short) I'll try a short with a stoploss just above the local high.
This is a dead cat bounce until proven otherwise, will be looking at 260 and 300 as key levels.
Nota
Welp. I never took the trade anymore but my stop would've been hit (a bit too tight imo) and I wasn't patient enough for the new high to form/for eth to dump. Also busy with uni so that plays a small role as well I think. My original bias of this being a dead cat bounce was right though I think
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.