ETH - M15 (INTRA DAY STRATEGY/NY SESSION)
Ethereum on a day like today once again puts us in a better position to consider an immediate type of trade. Suggesting once again that a set up looks good here while Bitcoin Dominance continues to hold high levels and struggle to lose any influence. This is the decision factor for me that is most problematic, as it contradicts one belief with the other. With 2337 being the level to hold and respect, with exception of touching into 2320 (the 200EMA), we are given a rather straight forward way to look at todays chart.
We can assume the Pivot + 200EMA to be in alignment here, as the price gap between both is not as wide as Bitcoin. Although this incentivizes more risk and tolerance for non important price movement, at the very least, the idea of these two price points getting closer and tightly aligned is much more probable. In many ways, this Pivot + 200EMA set up comes off as textbook perfect. With the volume oscillator trailing in a healthy manner and all other technical factors checking out. When we provide more insight, however, we are given more problems with Dominance rises and funding rates.
While funding rates have a slight positive incentive for bears, it is not in a troubling level just yet. Coming in at 0.0027 and predicted 0.0043, although rising, can still be considered cheap premiums. The problem is, the longer we stall, the more inclined this position is to be taken. This causes insufficient bids and can work against us. For today, The Pivot + 200EMA is the area to defend at 2337 in order to expect targets of R1/R2/R3 to be reached.
Notes:
- Pivot + 200EMA is in good alignment for an intra-day scalp set up.
- Problems arise when we consider rising funding, rising Bitcoin Dominance.
- Like yesterday, the set up is more or less the same, with NY open looking to drive down prices and recover by the afternoon.
- Invalidation level still TBD, as there is no strong re-test or sweep of any lows below the 200EMA.
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