IvanLabrie
Long

ETHBTC: BTC rally should be topping soon

POLONIEX:ETHBTC   Ethereum / Bitcoin
ETH has plenty of upside left, we arrived at a very significant support level here in the ETHBTC pair, we can try a long entry (I'm already in it). Downside risk is 26%, but potential upside is up to 159.67% so the trade off is worth it.
This is a riskier trade since we're entering at support, ahead of confirmation, but the USD or EUR pairs are currently in an uptrend, and we're observing a retracement in BTCUSD/CNY pairs currently, so we have decent odds here.
If you're less risk averse than me, you can shrink the stop loss distance here, and go with a stop at 0.0197.

Check out my updated track record here: http://pastebin.com/6CyyqnPT

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Cheers!

Ivan Labrie

Link to Tim West's chatroom: https://www.tradingview.com/chat/#c8BzrhGRvXxGXWnJ
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.


Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise             directly or indirectly from use of or reliance0.57% on such information.
Comment: Good progress here, hope you caught the entry.
Comment:
snapshot


Weekly uptrend confirmed now!
Comment: The stop was missed but if you trailed stops you're out.
thoughts on the 'hack' ? and how it'll affect price action in the future
Reply
It gave some people very cheap coins I think, due to the DAO selloff.
I don't know, but based on the chart, if we move above the horizontal lines on my chart, the uptrend might resume.
+1 Reply
Excellent entry point! I've been watching the pullback since end of last month and slowly building another long position. Looks like you nailed a sweet spot at the beginning of this week right before the rally. Very nicely done! :-)
Reply
Thanks, yes, that was right when we were breaking resistance, which now is support!
We can move stops to 0.0234 now too.
I had longs from 0.022 but closed on the recent rally, and reentered here.
Reply
oookay lets go!
+1 Reply
Hi Ivan!

BTC and ETH (and LTC) growing synergistically recent days (new fiat to crypto(?)). Should BTC topping coming, so you expect ETH/BTC to turn (again) combative relation when BTC start retracing ? Cheers
Reply
Yes, I think BTC will retrace some of the advance at the very least. There's very significant resistance near the highs, and we already have a reaction.
ETH seems to be in a steady uptrend against USD, and specially at a very interesting spot against BTC here.
Cheers!
+2 Reply
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