I would like to offer an idea about ETHBTC. Although it showed a nice bottom formation with its last breakout move, I think it is at a very critical point with the horizontal movement and downward break that followed. If you look at the ETH chart (
) , you can see that it corrected almost 60% of its sharp rise and gave a nice test to the red box and went up. It is currently trying to stay within its old range. ETHBTC, on the other hand, is making a downward move. It would not be wrong to say that it has evolved into an structure as if it made a downward retest, despite having made a similar move.
I have 3 plans for this process:
Plan 1: The price retesting the 0.026 levels after entering the old range and throwing it above this area with a slow and small pullback. I will consider the last downward move as manipulation and take a position accordingly.
Plan 2: Defining its last move as a retest to the range it broke down, continuing its decline and first coming back to the 0.019 levels. Maybe a decline to the green box zone below after the reaction there.
Plan 3: After making the rise in plan 1, testing the 0.021 levels for the last time by pulling back more and starting a rapid rise from there. Frankly, although it is a bit difficult, such a move seems good to me since seeing sharp movements and volume in the bottom formation will increase the opinion that the rate is the bottom.
This is the roadmap I will follow in general. I think these movements can be until the first week of July. I hope that the next 10 days will give a good idea of how we will spend the summer months. It should not move horizontally in these areas anymore and I don't think it will. I don't care about drawing both up and down and then saying "aha" and being right. If my goal is not to make money, being right is useless. If there is a movement that is suitable for one of the movements I draw, I want to take a position and turn it into reality.
Good day everyone.
I have 3 plans for this process:
Plan 1: The price retesting the 0.026 levels after entering the old range and throwing it above this area with a slow and small pullback. I will consider the last downward move as manipulation and take a position accordingly.
Plan 2: Defining its last move as a retest to the range it broke down, continuing its decline and first coming back to the 0.019 levels. Maybe a decline to the green box zone below after the reaction there.
Plan 3: After making the rise in plan 1, testing the 0.021 levels for the last time by pulling back more and starting a rapid rise from there. Frankly, although it is a bit difficult, such a move seems good to me since seeing sharp movements and volume in the bottom formation will increase the opinion that the rate is the bottom.
This is the roadmap I will follow in general. I think these movements can be until the first week of July. I hope that the next 10 days will give a good idea of how we will spend the summer months. It should not move horizontally in these areas anymore and I don't think it will. I don't care about drawing both up and down and then saying "aha" and being right. If my goal is not to make money, being right is useless. If there is a movement that is suitable for one of the movements I draw, I want to take a position and turn it into reality.
Good day everyone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.