ETHUSD is currently getting squeezed between several major Daily EMA levels. These being the 100 and then higher up 200 EMA which are acting as major resistance. Then we have the 50/20 DEMAs which are acting as support.
These Daily EMA's have not been this tight for several months. Which once there is a close above or bellow these levels, it is generally a signal of a breakout.
My Plan:
With ETHUSD sitting just above the current support level, I have entered a small spot long with a S/L at a lower low.
However IF ETH were to break down below the 183 I plan to swap this for a short with a primary target of ~155.
IF the 20/50 DEMA continues to hold and we see some upward movement, I plan to add to this position with a close above 191 and then again at 197.
From there I would likely take some profit at the trendline around 205 and re-evaulte whether I think ETH is about to breakout or not.
I will update this idea as time progresses.
Wish you all the best of luck!
These Daily EMA's have not been this tight for several months. Which once there is a close above or bellow these levels, it is generally a signal of a breakout.
My Plan:
With ETHUSD sitting just above the current support level, I have entered a small spot long with a S/L at a lower low.
However IF ETH were to break down below the 183 I plan to swap this for a short with a primary target of ~155.
IF the 20/50 DEMA continues to hold and we see some upward movement, I plan to add to this position with a close above 191 and then again at 197.
From there I would likely take some profit at the trendline around 205 and re-evaulte whether I think ETH is about to breakout or not.
I will update this idea as time progresses.
Wish you all the best of luck!
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
