$ETHFI 4H update. Current price 0.4560, +7.80% on the day. I am looking at the structure.
The most recent candle of
$ETHFI is a bullish candle with a body of 0.0110 and wicks extending from 0.4390 to 0.4580. The close is in the upper half of the range, which is constructive.
I am watching two levels on
$ETHFI . Above the market, 0.4580 is the supply zone. Below the market, 0.3900 is the demand zone.
$ETHFI has been oscillating between these zones, and the textbook play is to buy near demand and sell near supply, with a stop on the other side. The setup becomes interesting when price breaks out of this range with conviction. A close above 0.4580 on increasing volume opens the door to a measured move equal to the range height. A close below 0.3900 opens the door to the downside.
Volume on
$ETHFI is reading 1.32x the recent average. Volume expansion is supporting the move, which gives me more confidence in the directional read. When volume expands on the breakout, follow-through tends to be stronger.
If I am trading
$ETHFI , I would look for: a long setup on a retest of 0.3900 with a stop under the recent swing low, targeting the midpoint of the range and then 0.4580. I would look for a short setup on a rejection at 0.4580 with a stop above the recent swing high. I would not initiate a position right at 0.4560 because the risk-reward is not favorable at mid-range.
13 bullish bars in the last 4 days for
$ETHFI . The internal structure is mildly bullish but not conclusive.
$ETHFI |
#ETHFI #crypto
Kenji, technical analysis only. Patterns repeat until they do not. Risk management is your edge.