ETH made a small push up last night and almost had my position stopped out but I noticed weakness with BEAR divergences on all small time frames and held strong, my stop was set at 486. Now as we fall we will look to close out our shorts in one of the two zones labeled. We will close 100% in the green zone and will look for bullishness near the first one.
https://abacusjournal.com/wp-content/uploads/12-2.png 634 1274 Andrew Parish /wp-content/uploads/logo-header.png Andrew Parish2018-07-17 17:49:342018-07-17 17:49:34Ethereum Floats With Bitcoin Move; Beware Bearish Technicals That Still Dominate
Diving into the H4 chart we must note of some things that must be met in order to sustain the BULLISH MOVE up. We must have STOCH pivot while letting price settle in a nice support pocket. I also do not see any BULL on any small time frames, I will be looking for the H1 chart to give me signs of a bottom for the leg coming down. We will then look to go long upon confirmation of support being held. We will target a 1:1 ratio if we fall to the green zone and a 1.2 ratio if we stay above.
We must take note of the obvious HIDDEN BEAR on the D1 chart. IF price stagnates here for too long I can see the hidden bear taken seriously. We must get over the swing high to invalidate the bear set up, even if it’s just by a penny.
Remember to always use stop loss and practice good risk management.