CRYPTO of the week ETHUSD more downside until otherwise
ETHUSD 1H EUROPE UPDATE - 09/05/2018
First, longs from 707.63 should be risk free now (either take partial at 50% and stop below 691.99 or stop raised to entry level (and not stopped out yet - personally I always prefer the first option in the configuration but as I said before, I did not take the trade)
So, the first sequence from 832.37 ended at 691.99 and this can be enough correction to the downside. If red 1 is in place and same for red 2, the current structure from 08/05/2018 high projects 697.74-66.21 which overlaps with our 691.99 soft support.
Therefore, as long as below 832.37, a break below 691.99 would see equal leg area at 639.20-607.13 where buyers should appear for at least a 3 waves bounce or new highs.
Invalidation level to the upside is 358.40
Invalidation level to the downside is 832.37
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 06/05/2018-12/05/2018, I propose ETHUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
First, longs from 707.63 should be risk free now (either take partial at 50% and stop below 691.99 or stop raised to entry level (and not stopped out yet - personally I always prefer the first option in the configuration but as I said before, I did not take the trade)
So, the first sequence from 832.37 ended at 691.99 and this can be enough correction to the downside. If red 1 is in place and same for red 2, the current structure from 08/05/2018 high projects 697.74-66.21 which overlaps with our 691.99 soft support.
Therefore, as long as below 832.37, a break below 691.99 would see equal leg area at 639.20-607.13 where buyers should appear for at least a 3 waves bounce or new highs.
Invalidation level to the upside is 358.40
Invalidation level to the downside is 832.37
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 06/05/2018-12/05/2018, I propose ETHUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
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