How good is a bull run.
With our last Ethereum daily resistance zone not lasting long, I'm going to go over the price action that took us through it and talk about where we're at now.
Ethereum Analysis
Starting with the daily chart, you can see price went straight through our previous resistance zone, drawn from the most recent swing high.
ETH/USD Daily:
You can also see that price has now reached a new daily zone.
Check out this post on how I place forex support and resistance zones. It features a 3 step process for how I place my zones.
With that knowledge, I'll leave you to zoom back in time and draw the new zone yourself.
Now let's zoom into an intraday chart and take a look at the price action.
ETH/USD Hourly:
With price breaking through the last daily zone, you did have an opportunity to trade the breakout if you were aggressive.
As price was above daily resistance, you could have found the last area of short term resistance that when retested as support, was a good long entry.
I marked an example zone in blue, but for full disclosure I couldn't trade this myself as my forex broker is closed on the weekend. Those of you who margin trade on 24/7 crypto exchanges however, could have taken it.
With price now at the next daily zone, the process remains the same.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.
Posted Using LeoFinance Beta
Thank for Sharing!
ETH is new zone and the price is still good.
If HIVE and LEO also is reaching new zone and the prices fluctuate, it is good, I just hope.
Posted Using LeoFinance Beta
It was time for me to understand the resistance zone. thanks for sharing 🙌
If you ever get a bit more time, check out my full forex support and resistance trading guide.
Goes a bit more in depth on my trading strategy, while trying to keep things simple enough to replicate.
Posted Using LeoFinance Beta
I have been feeling the FOMO on Eth, I almost bought some yesterday to HODL for a while. That's when I always lose, so I will wait for a pullback to some lower resistance.
Posted Using LeoFinance Beta
If you're HODLing long term, just buy it. We're all here because we believe crypto is going to significantly rise over the next decade or whatever.
Only worry about about timing if you're trading short term on leverage.
Posted Using LeoFinance Beta
That's really good advice, It always bounces back if you're looking at a long-term hold.
Posted Using LeoFinance Beta
Go Ethereum! Go Balancer! Can you tell where I have my liquidity? Lol
Things have been upside down round here. I still have to get to reading your Forex Trading Guide. Will try to make it a point this week. I should have plenty of time. 😁👍
Posted Using LeoFinance Beta
I think I can guess ;)
For when you get around to it: Forex trading guide
Posted Using LeoFinance Beta
Thanks. That makes it easy. I'd be surprised if you guessed. 😁
Posted Using LeoFinance Beta