ETHUSD - Testing Resistance!
ETHUSD Weekly
After a long time in hibernation, I've gotten around to posting some simple TA ideas. So let's begin shall we? The ETHUSD weekly is starting to look promising. For reference, I have customized my indicators to tell me when I want to be in a trade (solid gold candle) and when I don't want to be in a trade (solid black candles). No, I don't take short positions. Not until Binance releases Margin Trading that is...
The basic rundown is that I enter a trade under a few conditions:
- The current candle is solid gold.
- The candle is closed above a green 20 SMA.
- The current candle is experiencing bullish momentum.
Once in the trade, I will put a stop loss just under the entry candle's low value. I have no profit target, I just use a trailing stop loss. I am still back testing if I want to use Williams' Fractals or the subsequent candle's low as a trailing stop loss.
Anyway, like I said, ETHUSD on the weekly is beginning to look promising. Price action currently has two hurdles right now: To close above the red resistance at around $160, confirm it as support over the next couple of days, and then to break the green resistance line at around $180.
ETHUSD has two major supports here to fall back on; the 20 SMA and and the white edge of the ascending triangle. Both are lining up almost on top of each other. A downward break of this support would be very foreboding. Let's zoom in a tad.
ETHUSD - Daily
Here is a close-up of that ascending triangle mentioned a bit ago. Price action has been stalled under the red resistance under a red 20 SMA and bearish momentum. Because of this, we may see a drop to the white diagonal support at the mid-high $140's. Hopefully, we will see a strong bounce and a break above $160.
Anyway, I'm glad to be back!
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