Price made a new high which is lower then the previous. It can be a signal that the market is going to drop lower. We have short opportunity and we can try to catch possible down movement and make some profit. Entry level for short trades should be below the uptrend line 1. If price breaks this line, we'll have an additional confirmation for down movement. Stop orders must be placed above 2700.00 level. Take-profit orders should be at 2000.00 level. Long trades can be opened from the support level and the uptrend line 2 but only after getting buy signals.
P.S. If you think this information can be useful, please, like it and share. Also I will be glad to read your comments )
Another case where SHORT patterns on a cryptocurrency fails, but nice try.
DLavrov
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@modiX, my friend, this trading idea still wrokable. We don't have opened orders. Price has not dropped below the signal level. Based on 4H chart we have a sell signal. Based on 1H chart we have possible entry levels for long and short trades )
modiX
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@DLavrov, what trading idea you are talking about? I was referring to speracado's idea. I did not claim it cannot become SHORT again, it's just about the shown SHORT pattern that failed. If you're talking about your idea, it's not proven so far, yes. I'm comparing to old patterns, yours is not ready for any conclusion.
@DLavrov, BTC is up so the ETH is holding up in my opinion but are still on the 335 entry and 300-290 profit?
speracado
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@modiX, Thanks man, ETH is strong! But, everyone thinks that... right?
..
modiX
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@speracado, actually, your idea was a good catch, because ETH has the major flaw that it's just an altcoin, although somewhat special due to the blockchain software system (smart contracts), that is way too untarnished and unadaptivated at the moment. I still think LONG patterns get a higher impact in future.
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