ETHUSD: Short entry?
This looks realistic because of numerous reasons.
Number 1 - the gains have been substantial, breaking through the 147 range easily and gaining momentum and we see the first signs of a slight cool off within this bullish progress.
Number 2 - RSI indicating a a return from the overbought position, bouncing and returning from the 96 area to a downward potential movement.
Number 3 - The volume is declining and looking negative, highlighting people may be taking profit here and selling off as the market looks for a resistance zone which hasn't been found for some time.
Number 4 - The market is hitting the top of the Bollinger Bands on the 4 hourly position illustrates the potential for a cool off as highlighted in the other indicators and market sentiment.
I am looking for an entry in this range, opening at 160-163 and shorting to hopefully either 155 or 147 which I expect to take place within the next few days, maybe by the end of next week. For my stop loss I reckon the higher 160's, maybe 170.
TradingView, 2018
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