ETH chart looks great for bounce back long here. We have held the HTF golden pocket over the weekend and likely spot to provide a relief rally from hard drop.
We want to see some momentum to the upside for the long trade first. Several 4hr or a daily close over the entry area will be the signal. The final target is the GP and weekly level. Look left to previous consolidation ranges for resistance and likely spots to TP along the way.
However, we are currently in a very strong downtrend and if that should continue the short option is also there. Loss of the GP and entry below the POC of the previous range in this area should take us down to the monthly level. This does offer a tighter SL and will be putting on a larger size trade if this happens.
We want to see some momentum to the upside for the long trade first. Several 4hr or a daily close over the entry area will be the signal. The final target is the GP and weekly level. Look left to previous consolidation ranges for resistance and likely spots to TP along the way.
However, we are currently in a very strong downtrend and if that should continue the short option is also there. Loss of the GP and entry below the POC of the previous range in this area should take us down to the monthly level. This does offer a tighter SL and will be putting on a larger size trade if this happens.
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