ANALYSIS #ETH DATE 22/06: MM ABOUT TO SET A TRAP AT 1,762 THEN DUMP BACK TO 1,707?
ETH is currently hovering around 1,720 USD, still stuck in the M30 range of 1,707–1,746, no solid entry point yet. MM might push up to sweep the buy-side liquidity in the 1,746–1,762 zone first, baiting a long breakout, and then if the M15/M30 closes below 1,738, there's a high chance of a long trap dumping back to 1,724-1,715-1,707.
Wait for ETH to retrace/sweep up to 1,746–1,762 before planning to SHORT, don’t short in the middle of nowhere. Ideal entry: 1,748–1,758, scale your orders; if it wicks deep, allow for fills around 1,762. SL at 1,780, TP1: 1,724–1,715, TP2: 1,707–1,688, and a deep TP if it breaks hard: 1,678. The setup is only valid if there's a wick sweeping up and the M15/M30 closes below 1,738. If price accepts above 1,762 and retests holding 1,746, cancel the short.
If price sweeps down to 1,707–1,698 and then reclaims back to 1,724, don't short anymore; at that point, you can long scalp back to 1,738–1,746, with SL below 1,688.
ETH is currently hovering around 1,720 USD, still stuck in the M30 range of 1,707–1,746, no solid entry point yet. MM might push up to sweep the buy-side liquidity in the 1,746–1,762 zone first, baiting a long breakout, and then if the M15/M30 closes below 1,738, there's a high chance of a long trap dumping back to 1,724-1,715-1,707.
Wait for ETH to retrace/sweep up to 1,746–1,762 before planning to SHORT, don’t short in the middle of nowhere. Ideal entry: 1,748–1,758, scale your orders; if it wicks deep, allow for fills around 1,762. SL at 1,780, TP1: 1,724–1,715, TP2: 1,707–1,688, and a deep TP if it breaks hard: 1,678. The setup is only valid if there's a wick sweeping up and the M15/M30 closes below 1,738. If price accepts above 1,762 and retests holding 1,746, cancel the short.
If price sweeps down to 1,707–1,698 and then reclaims back to 1,724, don't short anymore; at that point, you can long scalp back to 1,738–1,746, with SL below 1,688.