Short ETH at 640
Would look to short ETHUSD at 640, the lower edge of a very large balance area and also the neckline of a H&S breakdown. Would look for a retracement back to 600. Also after such an aggressive move lower, I think a retracement is quite probable. About a 1:1 risk reward trade but high conviction. Will update if and when trade triggers.
Trade closed manually
Idea was bang on but the retracement happened just a little before our level. Will reassess now.
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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.