#ETH
Note:
Complete analysis in previous post
Bearish Entry Points:
1. Breakdown of the Rising Wedge:
A rising wedge typically signals a bearish reversal. If the price breaks below the lower trendline of the wedge (around 2,620 USDT), that would be a strong bearish signal. Entering short upon this breakdown would be a good strategy.
Entry Price: Below 2,620 USDT after a clear breakdown with confirmation (e.g., volume increasing as price breaks down).
2. Failure to Break Resistance:
If the price fails to break above the orange resistance zone (around 2,650 USDT) and shows signs of rejection (e.g., long upper wicks or bearish candlesticks like shooting stars), this could signal a short entry.
Entry Price: Around 2,640-2,650 USDT if price shows rejection at the resistance zone.
Targets for Bearish Entry:
First Target: Around the green support box near 2,580 USDT.
Second Target: If the price breaks through the support zone, aim for a lower support level, potentially near 2,550 USDT or further down if the bearish momentum continues.
Stop Loss for Bearish Entries:
For a wedge breakdown entry, a stop loss can be placed above the 2,630-2,640 USDT range.
For a failed resistance entry, a stop lose at 2,660
For bullish entry
Key Levels
1. Resistance Zone (Orange Box): This is a potential breakout point. If the price breaks above this zone with strong volume, it could signal a bullish entry. The top of this zone seems to be around 2,650-2,660 USDT
2. Support Zone (Green Box): If the price retraces down to this zone and shows signs of a bounce (strong buying volume or bullish candlestick patterns), it could be a good entry for a long position. This zone appears to be around 2,570-2,580 USDT
Entry Points
Aggressive Entry (Breakout Strategy): If the price breaks and closes above the resistance zone (around 2,650-2,660 USDT), you could enter long, but make sure to confirm with increasing volume
Stop Loss
If entering on a breakout stop loss at 2,640
If entering on a support bounce stop lose at2,550 USDT
