Ether in contraction - to set the immediate minor trend

15 apr 2020

ETHUSD is in a major downtrend. This does not mean we must wait for a sell entry - there are possible buy entries, too. In this chart, we are looking at the contraction of price before a descision is made about the value of ETHUSD in the immediate timeframe. if we see enough buying interest, i.e, a large bar bigger than the last 10 bars, there is a potential long trade to be taken. My advice is DO NOT BUY A BREAK OUT, BUT THE RETRACTION. Same applies if the price falls below the major green line, it is a sign the major down trend is still in play and could return back to the low pivot where it will meet buyers at the level or support marked on my chart.