Good morning everyone, have a happy weekend. Let me summarize the ETH market information from yesterday and the day before.
Yesterday saw volume expansion with bearish decline. Each rebound was met with volume contraction testing. The buyers are working very hard to accumulate, but the price just won't move up, indicating that supply pressure from above remains heavy. Buyers don't dare exert force here, currently already in a breakdown state, but the price can't fall further either. It's highly probable that the main players want to create the illusion of support to lure retail traders to bottom fish.
Current resistance: 2165-2185 zone. Support below: 2050-2070, attempted multiple times with the highest reaching 2175 zone yesterday. The lowest went down to 2114. At this stage, shorting still offers better risk-reward ratio, so today's strategy remains unchanged from yesterday: Short 2170-2185 zone.
Good morning everyone, have a happy weekend. Let me summarize the ETH market information from yesterday and the day before.
Yesterday saw volume expansion with bearish decline. Each rebound was met with volume contraction testing. The buyers are working very hard to accumulate, but the price just won't move up, indicating that supply pressure from above remains heavy. Buyers don't dare exert force here, currently already in a breakdown state, but the price can't fall further either. It's highly probable that the main players want to create the illusion of support to lure retail traders to bottom fish.
Current resistance: 2165-2185 zone. Support below: 2050-2070, attempted multiple times with the highest reaching 2175 zone yesterday. The lowest went down to 2114. At this stage, shorting still offers better risk-reward ratio, so today's strategy remains unchanged from yesterday: Short 2170-2185 zone.
Stop Loss: 2205
Target: 2090-2060