$ETH (Ethereum/Tether perpetual contract)
Based on the analysis, the market is range-bound with a potential breakout. I’ll outline two scenarios: a long position (bullish breakout) and a short position (bearish rejection).
Scenario 1: Long Position (Bullish Breakout)
Entry Criteria:
Price breaks and closes above 2083.21 on a 15-minute candle.
Volume increases significantly on the breakout candle.
RSI moves above 60, confirming bullish momentum.
MACD histogram turns positive, showing increasing momentum.
Entry Point: 2085.00 (just above resistance to confirm the breakout).
Stop-Loss:
Place the stop-loss below the recent swing low within the range, around 2066.92 (as seen on the chart).
This provides a buffer against false breakouts.
Take-Profit:
Measure the height of the range (2083.21 - 2036.00 = 47.21 points).
Add this to the breakout level: 2083.21 + 47.21 = 2130.42.
Take-Profit: 2130.00 (rounded for simplicity).
Risk-Reward Ratio:
Risk: 2085.00 - 2066.92 = 18.08 points.
Reward: 2130.00 - 2085.00 = 45.00 points.
R:R = 45.00 / 18.08 ≈ 2.49:1 (favorable).
Scenario 2: Short Position (Bearish Rejection)
Entry Criteria:
Price rejects 2083.21 with a bearish candlestick pattern (e.g., bearish engulfing, shooting star).
Volume increases on the rejection candle.
RSI drops below 50, confirming bearish momentum.
MACD histogram turns negative, showing increasing bearish momentum.
Entry Point: 2075.00 (after confirmation of rejection, below the recent candle’s low).
Stop-Loss:
Place the stop-loss above the resistance level, around 2085.00.
This protects against a potential breakout.
Take-Profit:
Target the support level at 2036.00, which has held multiple times.
Take-Profit: 2036.00.
Disclaimer: This is for informational purposes only, not financial advice. Conduct your own research and trade responsibly. 🚀📊
$ETH