I'm not exactly a whiz at Technical Analysis, but someone asked me about my take on ETH in the Futures market for someone who entered LONG at $3912 with a liquidation price of $3000... Time ticks on, and I can just imagine the trader's nerves; once again, it's the market psychology working against us. #Trading_strategy

First fundamental (and emotional) advice, DON'T go LONG on Fridays or weekends. In fact, try to stay out of the futures market on weekends altogether. It tends to be super risky, more for advanced traders, scalping operations, with high-risk tolerance and very tight stop losses.

Let's dive into the technical side for Ethereum in the perpetual contract within Binance Futures. What I've got up on the screen is Tview, with a Fibonacci retracement, and I've marked the price levels it might touch if the market keeps correcting.

Corrections are healthy, it's gotta dip and accumulate before it can continue its trend. But... when it comes to futures, we can't afford to correct, accumulate, etc... that's why the futures market doesn't play by the same rules as SPOT.

The chart's showing how MACD is trending downwards. RSI too. Both indicators still have downward momentum... which isn't great news for our LONG trader, especially if they're leveraging up and possibly paying interest rates on top of it.

So, in conclusion; what would I do (even though I don't have all the position's details)?

1) If you can stomach losses until the marked prices, that's better.

2) If you can't handle losses, I'd suggest keeping an eye on 30-minute candles; there seems to be some recovery and bounce at the 0.236 and 0.382 FIBO levels.

3) I'd be looking for a dead cat bounce, and I'd cut losses (I doubt it'll recover to the entry price before Monday).

PS: I know I might be talking in riddles here. That's what the comments are for. Feel free to ask me anything you don't get; I'll help out when I can. If you don't see me responding, I might be offline, but you can track me down later.