In this article, we want to give you a “heads up” on Ethereum.
The instrument is retesting the channel bottom and the 61.8% downside extension after the triangle break below the 275 level
We are seeing the Doji candle formation showing on the daily chart but we need to wait for a daily close to confirm this. This price action is giving to all traders a good long trade entry opportunity, as long as the pair is holding above the175Â level.
In this kind of situations, waiting is not a good option. Traders should execute buy trades as early as possible. The risk by placing a stop loss below the 190 level is almost $20 but the possible reward could be much greater even more than $100 per unit if we get a significant break above the 270 level. Profit target should be no higher than the 300-340 zone.
By using our top-down trading technical analysis we have identified the key levels which will be triggers for the entry and exit, based on the present market conditions of the instrument.
Happy trading! (click on the chart to enlarge it)
Through time we have developed a very respectable trading strategy which defines Entry, Stop loss and Take Profit levels with high accuracy and allows you to make position risk free. We are publishing daily and weekly analysis and 5-10 trade alerts per week directly on your mobile device via Private twitter feed and Private Telegram group!
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