Short ETHUSDT at $3,745.22 with a target of $3,561.34.
Reason for Short: The 4-hour chart shows a symmetrical triangle pattern with resistance around $3,745-$3,800. The price is testing this upper trendline, and a recent bearish candle suggests potential rejection. The DEMA at $3,747.75 indicates overextension, supporting a pullback.
What I See: Heavy sell pressure is forming near $3,745, with the triangle nearing a breakout/breakdown point. Support lies around $3,561, aligning with prior lows.
Stop Loss: Set at $3,802, above the recent high and triangle resistance, to avoid a bullish breakout.
Trade Rationale: A breakdown from the triangle with volume confirmation could drive the price to $3,561. The tight stop above resistance minimizes risk while targeting a key support level.
Reason for Short: The 4-hour chart shows a symmetrical triangle pattern with resistance around $3,745-$3,800. The price is testing this upper trendline, and a recent bearish candle suggests potential rejection. The DEMA at $3,747.75 indicates overextension, supporting a pullback.
What I See: Heavy sell pressure is forming near $3,745, with the triangle nearing a breakout/breakdown point. Support lies around $3,561, aligning with prior lows.
Stop Loss: Set at $3,802, above the recent high and triangle resistance, to avoid a bullish breakout.
Trade Rationale: A breakdown from the triangle with volume confirmation could drive the price to $3,561. The tight stop above resistance minimizes risk while targeting a key support level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.