ETHUSD: Following the main TREND
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Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the ETHUSD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Higher timeframe:
Lower timeframe:
In June 2022, the market performed a sharp bearish impulse, correcting and retesting the main level at the end of August, month where the market started a second impulsive phase to the downside.
Potentially, ETH could reach the bottom of the structure and complete the bearish structure for more downside movement or a reversal.
When, where and why would we step into the market?
At the level 1900, the price double topped and reversed with a series of impulses and corrections.
Currently, the price is moving inside a triangle formation, which is both bearish and bullish pattern depending on the next breakout.
Considering the overall bearish market, we would enter short, targeting the bottom of the structure, obviously, entering right now in the middle of random movements is highly risky, better to be waiting for a complete breakout of the LTF structure or waiting for an extension of price till 1400/1480, looking for a great entry point.
Always apply risk management, don’t over risk and be focused!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
Higher timeframe:
Lower timeframe:
In June 2022, the market performed a sharp bearish impulse, correcting and retesting the main level at the end of August, month where the market started a second impulsive phase to the downside.
Potentially, ETH could reach the bottom of the structure and complete the bearish structure for more downside movement or a reversal.
When, where and why would we step into the market?
At the level 1900, the price double topped and reversed with a series of impulses and corrections.
Currently, the price is moving inside a triangle formation, which is both bearish and bullish pattern depending on the next breakout.
Considering the overall bearish market, we would enter short, targeting the bottom of the structure, obviously, entering right now in the middle of random movements is highly risky, better to be waiting for a complete breakout of the LTF structure or waiting for an extension of price till 1400/1480, looking for a great entry point.
Always apply risk management, don’t over risk and be focused!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
Note
Nothing really happened during the last few days, the market is quite balanced and until a full breakout of the structure we won't take any action.
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