ETHUSDT has broken local Support! Short Term Bearish
This is a 4HR analysis for ETHUSDT on Binance exchange.
After making an ATH, Ethereum is experiencing selling pressure. It has already broken the local support at $2100, and the bullish bias looks to be on hold for now. If there are more sellers, with a good amount of volume, it might see a downward momentum and a chance for it till $1800's level. On the other hand, if it flips unexpectedly to the other side, it might accumulate and see an uptrend.
RSI, is hovering around 40, if more sellers start shorting it might reach the oversold territory.
To take a short position, one could look for the next few 4hr candle closes, and if more red candles, one could take a short position with an SL nearly at 5% to 6%. If it sees a downward movement, it might revisit $1700 to $1800 region.
Do let us know what do you think ?
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DYOR & HAPPY TRADING
After making an ATH, Ethereum is experiencing selling pressure. It has already broken the local support at $2100, and the bullish bias looks to be on hold for now. If there are more sellers, with a good amount of volume, it might see a downward momentum and a chance for it till $1800's level. On the other hand, if it flips unexpectedly to the other side, it might accumulate and see an uptrend.
RSI, is hovering around 40, if more sellers start shorting it might reach the oversold territory.
To take a short position, one could look for the next few 4hr candle closes, and if more red candles, one could take a short position with an SL nearly at 5% to 6%. If it sees a downward movement, it might revisit $1700 to $1800 region.
Do let us know what do you think ?
For more trading ideas follow us !!
DYOR & HAPPY TRADING
Trade fermée: ordre d’arrêt atteint
Stop loss reached. trend reversed
Clause de non-responsabilité
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.