Quick short ... 4-8 hours to achieve target.
open - 2290
target 1 - 2200
target 2 - 2160
stop - 3335
as alway with altcoins we will be reviewing the position in trade, i will be looking to increase the position if momentum down increase in & longs start to get squeezed at 2240.
This is a fairly risky position to take management of funds is essential, take a small position if you are playing the trade, position going against recent trend are always smaller than going with the trend, if we have confirmation with will increase the size of position.
22900 was key level of support & resistance on the way up, once this level was rejected on the shorter time frames i added the profit we took at 22100, shorting again at 22800..
this trend down now should continue for a few days with the 21600 target achievable, having revised the price action & charts this morning the target is revised to 2050 level for closing most of the position.
really missed the bottom on that one, 2100 or below would have been a good place to close that short.. got a bit greedy & punished losing some profits.
keeping this open as looking to enter again with another short soon, cant long it missing the 2100 bottom so only option is to be patient & wait to short the top again..
will update again soon..
Target 2050 or below.
i will be looking to long the bottom possibly.
will chart it if i do open a long position.
expect to see some panic & some big volume wicks down once 2100 breaks..
took profits at 2125, was not worth the risk, not clear what kind of news will come out..
small chance of bad news, maybe some technical issues but not worth the risk, if things clear up & everything is ok & trading resumes will look for another entry to the down side after reviewing the market at that point ..
entry - 2165
Due to huobi being down we closed early, it ended up working out nicely as profits were locked in & nice entry from 2165 again..
expect a few days for this to play out target is 2000..
good luck ..
closed at 2160 with fees just about break even.. there was strong support at at 2160.
the volume has come in so will have to wait a while to get a short in here, really not looking to long at these levels of 14$ , really only looking for a short opportunity.
Need a much lower entry for long so for now will keep playing a short setup.
will update when i get in position .
BTC very bullish not helping ETH bulls + talk of hardfork & network being attacked by a greedy miner.
would not short here again unless we have a big breakdown with volume or if hardfork is confirmed.
will now close this chart & we will have a fresh once i get back in.
Greenhill, could you elaborate how you came up with these 'support' and 'resistance' levels? based on Fibonacci? and why you have RSI, do you use it?