Using the Epic Battles of $200 and $215 To Earn Money.
Updated
In this idea I will go into depth how to read the recent price action on Ethereum and how you can leverage psychological areas of support and resistance to your advantage to get a nice short in here on Ethereum. Continue reading to learn more about this!
This idea is a continuation on my previous ETH ideas where I go into depth how the psychological support and resistance works.
First a quick reminder on support and resistance levels.
Let's start with the most common ones based on past price behavior. A local high will be extend on the chart to indicate that this has been a point where price has historically bounced. This has medium predictive power. Secondly, there are psychological levels without any price action. Simply looking at a chart and seeing ETH is about to hit $150 should make you conscious about having psychological resistance. You can add these lines to your chart. Thirdly, there is confluence between psychological and price based support or resistance. Those are the ones I charted here for you. These have incredible predictive power. Keep an eye on them. They are important.
The two zones that I highlighted in yellow are important, as we see that the price started to become volatile and oscillated heavily in that area. This means that bulls and bears are fighting for direction.
In the first yellow box we witness an epic battle for the kingdom of $200. The bulls managed to take their price home and pushed the price up all the way to 215.
However, the 215 area marks another such fight where this time the bears requested back-up and managed to push the price down again.
Without needing to know everything about the future, we do see that these areas were very important. We can use such information to give an informed trade set-up.
I suggest a short trade here starting at the $215 area and moving back to the $200 area. The stop loss can be placed tightly above the max price we observed in the most recent battle for $215.
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- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
This idea is a continuation on my previous ETH ideas where I go into depth how the psychological support and resistance works.
First a quick reminder on support and resistance levels.
Let's start with the most common ones based on past price behavior. A local high will be extend on the chart to indicate that this has been a point where price has historically bounced. This has medium predictive power. Secondly, there are psychological levels without any price action. Simply looking at a chart and seeing ETH is about to hit $150 should make you conscious about having psychological resistance. You can add these lines to your chart. Thirdly, there is confluence between psychological and price based support or resistance. Those are the ones I charted here for you. These have incredible predictive power. Keep an eye on them. They are important.
The two zones that I highlighted in yellow are important, as we see that the price started to become volatile and oscillated heavily in that area. This means that bulls and bears are fighting for direction.
In the first yellow box we witness an epic battle for the kingdom of $200. The bulls managed to take their price home and pushed the price up all the way to 215.
However, the 215 area marks another such fight where this time the bears requested back-up and managed to push the price down again.
Without needing to know everything about the future, we do see that these areas were very important. We can use such information to give an informed trade set-up.
I suggest a short trade here starting at the $215 area and moving back to the $200 area. The stop loss can be placed tightly above the max price we observed in the most recent battle for $215.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Trade active
The price is following the predictions nicely so far:Some people already contacted me and decided to short it a little bit earlier, around $211 as per the resistance on that level. This could also be a great moment to enter!
Comment
It all played out much quicker than I expected!But indeed we have seen a small increase in price, and then a drop to $200. I put my entry a bit too high, so some of you might have missed this trade.
Now that we have a confirmation of the bounce at $200, we can go in for a long position. I describe everything in detail in my next idea:
![Ethereum is About To Change Direction! [Explanation Included]](https://s3.tradingview.com/z/ZJig7r80_mid.png)
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(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
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