Hello, Crypto Warriors! Let's dive into the current Ethereum (ETH) chart. On the weekly chart, we're seeing a bullish range, but on the daily timeframe, there has been a bearish retracement. Given this context, the logical approach has been to consider going long at a 25% discount within the range area, with a stop positioned beneath the zero line.
It's important to acknowledge that the odds are somewhat stacked against you as a trader in these conditions, primarily due to the passage of time and the percentage of the range that has already been traversed. That being said, it doesn't mean we can't envision higher price levels.
What this chart represents is a case study centered around the strong resistance level at 2209. If this level is breached, we could be looking at two potential scenarios: either a liquidation run followed by a reversal or a continuation of the bullish trend.
While we maintain a bullish outlook on cryptocurrencies, it's essential to recognize that there are multiple support levels below, and market makers may not be inclined to leave them untested.
At the moment, our approach is to trade level to level, strategically assessing the market in this environment. If you find value in the levels we've mentioned, or if you'd like more detailed information, please don't hesitate to let us know.
As you embark on your trading journey, we wish you a fantastic weekend and encourage you to find balance between your screen time and the world beyond. Remember, trading is a marathon, not a sprint. Enjoy the weekend and take a breather now and then!
It's important to acknowledge that the odds are somewhat stacked against you as a trader in these conditions, primarily due to the passage of time and the percentage of the range that has already been traversed. That being said, it doesn't mean we can't envision higher price levels.
What this chart represents is a case study centered around the strong resistance level at 2209. If this level is breached, we could be looking at two potential scenarios: either a liquidation run followed by a reversal or a continuation of the bullish trend.
While we maintain a bullish outlook on cryptocurrencies, it's essential to recognize that there are multiple support levels below, and market makers may not be inclined to leave them untested.
At the moment, our approach is to trade level to level, strategically assessing the market in this environment. If you find value in the levels we've mentioned, or if you'd like more detailed information, please don't hesitate to let us know.
As you embark on your trading journey, we wish you a fantastic weekend and encourage you to find balance between your screen time and the world beyond. Remember, trading is a marathon, not a sprint. Enjoy the weekend and take a breather now and then!
Daniel P. Fadejev