This is a trend following, not a counter trend setup. Bears leave zero chance for a reversal, with no signs of upside yet. Don't forget an SL for risk management.
This is a trend following short, expecting a minor bounce from oversold conditions before the downtrend resumes, at least until bulls can flip the market structure. Use an SL for risk management.
This is a trend following short, not a counter trend. Lack of buyer strength prevents a proper bounce, so trend continuation is our play. An SL is mandatory to minimize risk!
$ETH Zooming out to the 1W chart, price is compressed between 1W EMA50 (which bulls reclaimed) and 1W EMA200 (acting as a brick wall for 3 consecutive weekly candles).
If bears finally react here, how deep can we pull back without shifting structure? Retesting the source of the pump around ~$1900 looks bad for the bulls. The optimal play is a healthy retest of the ~$2150-2200 pocket before targeting ~$3000-3400.
Thoughts?
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