Hey traders,
Quick update from my previous Ethereum read, it looks like the move is playing out exactly how we expected it to and we are on target for $1,287, or the bottom of the accumulation zone marked in green on my chart.
We saw the short opportunity at $1,645 and then now we’re seeing the quick drawdown out of the distribution zone and back to the accumulation zone.
We might see a wick down to $1,110 because that’s where this long term trendline is and would be the lowest point we could touch before we create a higher low. Anyways, really expecting $1,287 to hit, at this point we’ve been calling $1,347 and that’s a given. $1,347 will hit almost for certain, just patiently waiting on my $1,287 bids at this point. However, do be cautious as we could reach down into some of the $1100-$1200 gap territories.
All the best!
Quick update from my previous Ethereum read, it looks like the move is playing out exactly how we expected it to and we are on target for $1,287, or the bottom of the accumulation zone marked in green on my chart.
We saw the short opportunity at $1,645 and then now we’re seeing the quick drawdown out of the distribution zone and back to the accumulation zone.
We might see a wick down to $1,110 because that’s where this long term trendline is and would be the lowest point we could touch before we create a higher low. Anyways, really expecting $1,287 to hit, at this point we’ve been calling $1,347 and that’s a given. $1,347 will hit almost for certain, just patiently waiting on my $1,287 bids at this point. However, do be cautious as we could reach down into some of the $1100-$1200 gap territories.
All the best!
Trade active:
ETH/USD | March 13th, 2023
Quick update from my last post, looks like we got front-ran. Ether just wicked the $1,645 level (distribution) and is looking to create a higher high in this area.
Two scenarios:
Continue the swing up until exhaustion at $1770
Fizzle out and lose $1,645 as a level and find support at $1,525.
Both of these scenarios lower the confidence I have in my order hitting, however I need to adapt.
ETH/USD | March 13th, 2023
Quick update from my last post, looks like we got front-ran. Ether just wicked the $1,645 level (distribution) and is looking to create a higher high in this area.
Two scenarios:
Continue the swing up until exhaustion at $1770
Fizzle out and lose $1,645 as a level and find support at $1,525.
Both of these scenarios lower the confidence I have in my order hitting, however I need to adapt.
