ETHUSD Range trading whilst DXY ralliesETHUSD Range trading whilst DXY rallies
Dollar strength today is forcing Alts onto a back foot. See DXY
charts and comments to get a better handle on when to trade
these, needing DXY weakness to really thrive with the tail-
wind behind them. But when this littel dollar counter-rally
ends DXY should fall back to 91, over 2% from here and give
the Alts a big boost at that point.
We are long here from 463 (stops just 2 points below) but it's
struggling...look to take the meagre 2% profit at 473.
These 9 or 10 points can then be used as stops for the next
trade,which will trigger on a break above the dynamic coming
off the recent high..as usual we need to see a decent break
at that point, greencandles, increased volume to know it's
good, surviving any retest of the line from above once broken.
Then it will have to break above 477 and that longer term
dynamic which is currently arresting any chance of meaningful
advance form here. Once it can manage that ETH should run
free - a good place to either enter long or increase if not
already in. But until we see that ETH is likely to drift, a
sell/take profits from 473 and and a buy again at 463. Range
trading for day traders here working between the lines, which
seem to be working quite well on this pair.
