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Ethereum Structural Break| Key Channel| Short Trade
A key trade location has been identified at the lower Daily S/R Support. This region is in technical confluence with the POC S/R Support, VAL S/R Support and the .618 Fibonacci S/R Support.
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Today’s report will include:
Updated Technical Analysis
Other key market developments
Market Psychology
Trading Tools
ETHUSDT Short Trade 📈
In Today’s analysis -ETHUSDT- officially breaking out of its trading channel, acceptance below this increases the probability of a further bearish expansion.
Points to consider ✍️
SFP Price Action
Dynamic S/R Support
POC S/R Support
Daily S/R Support
Value Area Low Support
.618 Fibonacci Confluence
Ethereum confirming a bearish retest of the channl low support will activate this continuation trade towards the low. This will solidify the context of price action, that is a bearish expansion after a Swing Failure Pattern (SFP).
A key trade location has been identified at the lower Daily S/R Support. This region is in technical confluence with the POC S/R Support, VAL S/R Support and the .618 Fibonacci S/R Support.
Overall, from Bitcoin Insider’s perspective, ETHUSDT is a valid short if the bearish retest is confirmed. How price reacts needs to be used upon discretion/ management of the trade.
Hope this analysis helps.
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