ETH USDT seems to take Bearish U-Turn
Greetings TradingView community,
As an experienced crypto trader, I am excited to share with you a potential trading opportunity in ETH USDT chart using technical analysis. Our goal is to identify potential trading opportunities and make informed trading decisions by examining the price action and key levels on the 1-hour and 4-hour time frames.
To start off, we will be using the Relative Strength Index (RSI), RichTL, and falling wedge indicators to analyze the chart. Upon close examination, we observe that ETH is forming a rising wedge on both the 4-hour and 1-hour charts, which is a bearish sign, along with bearish RSI divergence on the 1-hour chart.
Given the potential reversal signs on the chart, our plan is to take a SHORT trade on the breakdown of the bearish wedge. We recommend entering the market at a value of 1735.71, which is below the previous LL. We recommend placing a stop loss value at 1848.43, which is slightly above the previous HH.
Furthermore, our take profit 1 value is set at 1629.12, which is the next strong support zone, with a risk-reward ratio (RRR) of 1:1. Additionally, we recommend setting our take profit 2 value at 1539.68, which has a 1:2 RRR.
To optimize our trade, we would be trailing our stop loss to the entry level after hitting TP 1, which can help us minimize our risk and potentially maximize our profits.
In conclusion, by using technical analysis to examine the ETH USDT chart on TradingView, we have identified a potential SHORT trade opportunity. We recommend entering the market at 1735.71, placing a stop loss at 1848.43, and setting take profit 1 and take profit 2 values at 1629.12 and 1539.68, respectively. As always, we recommend conducting your own analysis and risk management strategies before making any trading decisions.
As an experienced crypto trader, I am excited to share with you a potential trading opportunity in ETH USDT chart using technical analysis. Our goal is to identify potential trading opportunities and make informed trading decisions by examining the price action and key levels on the 1-hour and 4-hour time frames.
To start off, we will be using the Relative Strength Index (RSI), RichTL, and falling wedge indicators to analyze the chart. Upon close examination, we observe that ETH is forming a rising wedge on both the 4-hour and 1-hour charts, which is a bearish sign, along with bearish RSI divergence on the 1-hour chart.
Given the potential reversal signs on the chart, our plan is to take a SHORT trade on the breakdown of the bearish wedge. We recommend entering the market at a value of 1735.71, which is below the previous LL. We recommend placing a stop loss value at 1848.43, which is slightly above the previous HH.
Furthermore, our take profit 1 value is set at 1629.12, which is the next strong support zone, with a risk-reward ratio (RRR) of 1:1. Additionally, we recommend setting our take profit 2 value at 1539.68, which has a 1:2 RRR.
To optimize our trade, we would be trailing our stop loss to the entry level after hitting TP 1, which can help us minimize our risk and potentially maximize our profits.
In conclusion, by using technical analysis to examine the ETH USDT chart on TradingView, we have identified a potential SHORT trade opportunity. We recommend entering the market at 1735.71, placing a stop loss at 1848.43, and setting take profit 1 and take profit 2 values at 1629.12 and 1539.68, respectively. As always, we recommend conducting your own analysis and risk management strategies before making any trading decisions.
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