Ethereum Blows Through Resistance and Tests $1000 Psychological Level

LeoFinance
14 days ago
1 Min Read
287 Words

Direct from the desk of Dane Williams.



Hey team,

Well yikes, what a day this has been!

Remember yesterday when I highlighted Ethereum at daily resistance when I had the following to say about Ethereum?

Draw this zone on your chart from the weekly and then zoom into an intraday chart to watch the price action.

There's no doubt going to be opportunities to trade around this zone using my strategy, that we can talk about throughout the week.

ETH/USD Weekly:
Screen Shot 20210104 at 6.44.50 pm.png

With my trading strategy being somewhat conservative by requiring price to pull back into previous resistance turned support on the intraday chart before getting long, you will see that I missed the boat on this move.

ETH/USD Hourly:
Screen Shot 20210104 at 6.46.29 pm.png

After breaking through the $840 resistance zone that price was pushing up against yesterday, you can see that there was literally no intraday pullback.

Every single hourly candle was bullish until the one marked in blue at around $900.

But even then, price never actually pulled back to retest this short term resistance zone as support and as price continued higher again, any potential entry here was gone.

You win some you lose some and I'm happy leaving these profits to the aggressive traders.

I can see that a few of you here in the LeoFinance community got on board just from my daily read, so kudos to you.

As for the rest of us, don't worry because there's always another trade just around the corner.

Best of probabilities to you,

Dane.



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