With last week failing to close above $1700, the weekly candle put in a lower low and reversed the S/R flip, turning the support once more into resistance. If this weeks price closes below $1700 and the following week also fails to break $1700 and hold it as support ONLY then will I feel comfortable opening a short position.
Don't forget the ETH merge narrative will form a bubble type run and even though the top may be already in for this run, we could still see an incline in price next week and the week after leading up towards the merge, which is around mid September.
If this doesn't play out and dumps before the weekly close, I just won't trade it.
This is my strategy for now and am open for more ideas.
Have a great week!
Don't forget the ETH merge narrative will form a bubble type run and even though the top may be already in for this run, we could still see an incline in price next week and the week after leading up towards the merge, which is around mid September.
If this doesn't play out and dumps before the weekly close, I just won't trade it.
This is my strategy for now and am open for more ideas.
Have a great week!