$ETH only focus on how it was pulled back from 1852 to 1906, yet you didn’t notice that the upper Bollinger Band is sitting right overhead around 1909. The MACD red histogram bars didn’t expand in sync as price pushed higher—this momentum-weakening resistance pattern, are you really willing to enter for a short?
$ETH - Short
Trading Plan:
Entry: 1900 - 1910
Stop Loss (SL): 1945
Take Profit 1 (TP1): 1885
Take Profit 2 (TP2): 1861
Take Profit 3 (TP3): 1840
Why short?
The price rebound is exactly capping near the upper Bollinger Band area, and the previous high at 1943 is not far above either. It will be difficult for the bulls to break through in one go. Although the MACD manages to keep red bars, the momentum is clearly not keeping up with the pace of the push higher, so short-term upside strength is lacking. As long as it can’t effectively break and hold above the 1945 resistance level, this kind of resistance-and-rejection setup is very likely to look for support toward the middle band at 1885 or even toward the lower band. The risk-reward ratio for trading with the trend by going short remains quite good.
Click here to trade👇
$ETH - Short
Trading Plan:
Entry: 1900 - 1910
Stop Loss (SL): 1945
Take Profit 1 (TP1): 1885
Take Profit 2 (TP2): 1861
Take Profit 3 (TP3): 1840
Why short?
The price rebound is exactly capping near the upper Bollinger Band area, and the previous high at 1943 is not far above either. It will be difficult for the bulls to break through in one go. Although the MACD manages to keep red bars, the momentum is clearly not keeping up with the pace of the push higher, so short-term upside strength is lacking. As long as it can’t effectively break and hold above the 1945 resistance level, this kind of resistance-and-rejection setup is very likely to look for support toward the middle band at 1885 or even toward the lower band. The risk-reward ratio for trading with the trend by going short remains quite good.
Click here to trade👇