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bagofXMR
Dec 4, 2016 5:07 PM

ETH possible behaviour Short

Ethereum / BitcoinPoloniex

Description

Ethereum playing at key levels, under 0.01 btc for first time in +10 months.

Green dot lines: remaining support levels
Red dot lines: resistances level
Grey/black lines: fractals of past behaviour of price in similar situations.
Green straight line: All Time High
Red straight line: All Time Low

MACD looking bearish again, it failed (though it tried it) to show a bull signal.
RSI about to reach oversold zone, could be a reversal signal, but we know FOMO in crypto triggers when we are at oversold/bought areas.
EMA and MA looking bearish, EMA since last 5-6 weeks, and MA for 1 week. MA is mostly bearish since July, though it tried to reverse it 2 weeks ago and finally failed 1 week ago.

Current trade:
Target 1: 0.009 -- 40% of initial position
Target 2: 0.0067 -- 60% of initial position
base price 0.0102

Mostly waiting for the perfect set-up. This is a small trade if i compare it with my xmr trade and my btc trade. Will go bigger into this trade if eth, against my expectations, goes up enough.
If eth bounces back up to 0.0156-0.0158 area i'm opening a relatively big short.
If 0.0235 is reached, i'm all-in short.

Comment

BTW:
green rectangles are possible long targets + short entry points.
red rectangles are possible short targets + long entry points.

Trade active

Target one reached.
Target two following this week.

Comment

If 0.01 is surpassed again probably re-shorting again.
As you may already know, a REP whale was hacked and 100k REP and his ETH holding were dumped. This pushed the price as low as 0.0076, i wish i would have been online by then !!
Now an "epic short squeeze" to take money from bottom shorters is being orchested.
Re-shorting at 0.0103 the very same amount i closed at 0.009 earlier today.
Still going small on this trade, BTC "doubting" could boost an ETH reversal anytime soon.

Trade active

My short was refilled at 0.0103.
Looking forward to reach 0.009 again pretty soon.

Trade active


It seems we could be back on track

Comment

Trade active

Late longers squeeze probably incoming.
Key level 0.0077, where late full margin longers get liquidated plus local low (so potential stop-loss of tones of traders.

Comment

Added some bits to my short to make it a bit bigger for XMas.
SL at break even including fees, just in case manipulators dont rest in holidays.

Trade active

Closed once again 40% of position at 0.009.
This trade is pretty profitable so far.

Comment

BTC pressure about to close this trade. Just a bit more, be ready, might arrive tonight

Comment

Reduced my exposure in this short. Two weeks ago i added some bits to my short at ~0.01 and now i close them at 0.0082.
I also close 20% of my initial position at 0.0082. So only 40% of initial position left.

Current status:
40% from 0.0103 to 0.009 X2
20% from 0.0103 to 0.0082
15% from ~0.01 to 0.0082 **(this is the "bits" i talked about in my comment 16 days ago

Profit in % over initial position
5% X2 + 4% + 3% = 17% realized profit + 8% of unrealized profit

Fully closing now my position would mean a 25% net profit, not including any possible margin used.

Comment

Added Stop-Loss at 0.009 just in case, as btc doubting could boost an eth reversal that refused to break $7 resistance several times.
If stop-loss reached my total net profit for this trade would be 22% without any margin.

Trade closed: stop reached

Trade closed.
Total profit before margin 22%.
Not bad :/

Comment

Moreover, ETH could be heading to a major long-term bull trend
Check this chart of ETH against EUR in Kraken
Comments
CoinDreamer
So, you think it will go up soon?
bagofXMR
@CoinDreamer, No. I think it will soon go down to my target price.
CoinDreamer
@bagofXMR, Ok, I see. Sorry, I just confused because you wrote "BTC pressure about to close this trade." I also think it will go lower if btc going more up.
Pato99

i believe we will have another wave up. current retracement is to weak and we might see another shortsqueeze to 0.011 or even 0.012. I´ve seen that pattern very often. We had no double top on 2h Chart, but due to that hard retracement with 35k BTC volume you should consider another break up

see also this chart:


what do you think?
bagofXMR
@Pato99, I agree, we might see a break up to the top of your "big" chanel around 0.0115
I dont think it can go further. I still feel comfortable with this trade, it is still in green (current base price 0.0109).
Nice chart, liked it.
Pato99
@bagofXMR, break out!
nico9111
@bagofXMR, Agreed on .0115 ceiling. I'll probably short there. target will be 0.01 with stop loss @ .0125
nico9111
Do you call 0.008 range as the bottom? There's a 1000BTC buy wall for 0.0087 but not sure what his game plan is though...
bagofXMR
@nico9111, I'm pretty sure those walls that appeared (the 1000 BTC one and a few 100 BTC ones) are from people interested in holding the price. And those interested in holding the price are sellers not buyers. A buyer would gladly let the price plummet and buy lower.
So i'm not scared about those walls.
I personaly consider them irrelevant.
nico9111
@bagofXMR, good point indeed, a buyer would spread its wealth out unless he is a newbie... Where do you see the ceiling on this big green candle? I'm thinking 0.011 but may be wrong
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