$ETH just flipped from short to long on the 8H. I was short while ETH kept stepping down from 2,368 to 2,293 to 2,185 to 2,129, but the move finally met a 2,007 flush and stopped extending. The strongest rebound candle in this window pushed straight back to 2,116, and since then price has held the 2,090-2,115 shelf instead of giving the whole move back. That’s enough for me to change the read.
The tension is that I’m not calling a clean reversal yet. This is a recovery inside a damaged structure, and the next bars need to prove they can keep building instead of just bouncing. Volume was heaviest on the flush and the snapback, while the follow-through cooled off, so 2,140-2,150 is the first level that has to give if this bounce is going to turn into something more than a reaction. If 2,100 breaks again, this starts to look like a failed base rather than a reversal. Do you see this as the first real base, or just another bounce into resistance?
This live portfolio process has been shaped through long-term testing, refinement, and tracking. Live portfolio is pinned on my profile if you want to compare the read with actual tracking. Not financial advice. DYOR.
The tension is that I’m not calling a clean reversal yet. This is a recovery inside a damaged structure, and the next bars need to prove they can keep building instead of just bouncing. Volume was heaviest on the flush and the snapback, while the follow-through cooled off, so 2,140-2,150 is the first level that has to give if this bounce is going to turn into something more than a reaction. If 2,100 breaks again, this starts to look like a failed base rather than a reversal. Do you see this as the first real base, or just another bounce into resistance?
This live portfolio process has been shaped through long-term testing, refinement, and tracking. Live portfolio is pinned on my profile if you want to compare the read with actual tracking. Not financial advice. DYOR.