Yesterday I was keeping my eye on the $7,600 level from my seat in the WSOP. Today I was happy to see that my trade didn’t get stopped out like my poker tournament did. The bears held strong at $7,700 and got us to the weekend.
Now I am feeling much better about my position (short ETH). We have been creating lower highs and higher lows over the past week and will not be able to consolidate much longer (have been saying this for 3 days).
Expect a sharp move to follow once we get a lower low (below $7,535) or higher high (above $7,700). Due to this tight range we are in, the risk:reward seems favorable on a long or a short position.
If short then set a stop loss at $7,751. If long then set the stop at $7,524. I would set the profit target for a long at $8,000 - $8,200. I am still maintaining my bearish target of $5,000 for Bitcoin and that is where I would set the target for a short.
A short position offers a much better ROI and it is also in line with the trend/momentum. Also don’t forget the bearish TK cross coupled with the close below the 50 period MA on the weekly chart.
The 1 hour chart just had a bearish cross on the 12 & 26 period EMA’s. For me that is a good indication that the bearish momentum will start to pick up during my trip back home this afternoon.
Until next time trade happily and remember that liking and following is good karma!
Now I am feeling much better about my position (short ETH). We have been creating lower highs and higher lows over the past week and will not be able to consolidate much longer (have been saying this for 3 days).
Expect a sharp move to follow once we get a lower low (below $7,535) or higher high (above $7,700). Due to this tight range we are in, the risk:reward seems favorable on a long or a short position.
If short then set a stop loss at $7,751. If long then set the stop at $7,524. I would set the profit target for a long at $8,000 - $8,200. I am still maintaining my bearish target of $5,000 for Bitcoin and that is where I would set the target for a short.
A short position offers a much better ROI and it is also in line with the trend/momentum. Also don’t forget the bearish TK cross coupled with the close below the 50 period MA on the weekly chart.
The 1 hour chart just had a bearish cross on the 12 & 26 period EMA’s. For me that is a good indication that the bearish momentum will start to pick up during my trip back home this afternoon.
Until next time trade happily and remember that liking and following is good karma!
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