ETHBTC opportunity for short position
ETH had very interesting movement for the last couple of weeks and I think that the losses are not finished yet.
There is a big bearish candle from 3rd of April. This kind of big candles tend to create support/resistance which is placed at 50% of Retracement of the body of the candle ( shadows doesn't count).
…Yes you can apply this kind of analyze to any other big candle but this level seems to be respected for last couple of days.
I marked something similar to double top where 0.04075 was hit twice with doji candle. I consider this as the confirmation for further loses.
Pair is trading below 200Ema which is another signal for bearish movement.
I would put SL above the green line and TP as follows:
0.030000 Most likely
0.025000 Probably
0.020000 well it is possible
I would advise to open position with small stake only.
There is a big bearish candle from 3rd of April. This kind of big candles tend to create support/resistance which is placed at 50% of Retracement of the body of the candle ( shadows doesn't count).
…Yes you can apply this kind of analyze to any other big candle but this level seems to be respected for last couple of days.
I marked something similar to double top where 0.04075 was hit twice with doji candle. I consider this as the confirmation for further loses.
Pair is trading below 200Ema which is another signal for bearish movement.
I would put SL above the green line and TP as follows:
0.030000 Most likely
0.025000 Probably
0.020000 well it is possible
I would advise to open position with small stake only.
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