ETHUSD - Retest 50SMA
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The 20SMA did not hold and we are trading SIDEWAYS BELOW the 20SMA. Furthermore, it is also important to note that we are trading SIDEWAYS AFTER a new higher high ($636). Usually, but NOT ALWAYS, just usually this is followed by a pullback in price.
At this current moment we do not have any indicators clearly pointing to upward pressure on the SHORT time frames, therefore I am labelling this position as SHORT. For short term swing trading, I would wait to get in at a lower entry point around one of the established fib retracements.
However, on the long-term timeframes I remain bullish until proven otherwise.
See below the previous idea wrt 20SMA.
Please hit 👍
Many thanks
Ev
The 20SMA did not hold and we are trading SIDEWAYS BELOW the 20SMA. Furthermore, it is also important to note that we are trading SIDEWAYS AFTER a new higher high ($636). Usually, but NOT ALWAYS, just usually this is followed by a pullback in price.
At this current moment we do not have any indicators clearly pointing to upward pressure on the SHORT time frames, therefore I am labelling this position as SHORT. For short term swing trading, I would wait to get in at a lower entry point around one of the established fib retracements.
However, on the long-term timeframes I remain bullish until proven otherwise.
See below the previous idea wrt 20SMA.
Please hit 👍
Many thanks
Ev
Trade active
Bounced up temporarily from the 50sma and the 0,38 fib line might be our support. But it's not over, keep watching the chart indicatorsTrade active
As per my post - ETH found support and bounced off the 0,5 fib line. But the short term bear run is not over, we might test 0,5 again and if it doesn't hold for a third time, we will drop to halfway $550 and if that doesn't hold, then fib 0,618 $540.Trade active
Next stop halfway fib @528
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.