Crypto_Ed
Long

Further recovery for BTC, ETH pairs and other cryptos

BITFINEX:ETHBTC   Ethereum / Bitcoin
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I've been thinking for a long time we would see more downside for cryptos, following BTC down the drain.
I always check several pairs and look for correlation and many times when BTC doesn't show a clean pattern, I can find it in ETH or LTC.

The whole crypto scene is watching BTC ranging in a certain zone and we see predictions to both sides of the charts. When checking BTC chart I do see a potential break out to the upside but I will turn bullish once we crack $8.500
On the ETH charts however, I can see very clearly bullish pennants which are continuation patterns. I see a clear reversal, impulsive move to the upside, followed by a correction.
I would expect this correction to be in 3 legs, but could also turn in a more complex structure and forming a 5 legs cycle.

Indicators are also showing bullish divergence over a longer period and strengthen my ideas about a bullish break out. In that case, that won't be only for ETH but I expect for the majority of all crypto pairs.

How to trade? Wait for the break out, we already saw a trial yesterday but I do expect a violent move.
I'm alreayd long ETHUSD with a SL on entry as I expected the break out to be happening yesterday. Many pairs got rejected at trendline or fell back in their patterns immediately, but I still do expect the move up as current pull backs dont look like aggresive moves to the downside. If we do see 1 more move to the bottom of the pennants , one could go long on a good bounce from the bottom of the pennant .
A safer play is to wait for the break out as this pennant is likely to play out, but crypto never gives you a guarantee ;-)
Comment: Both pairs made the 5th leg to the bottom of the pennant and completed that cycle.
If we do get a bounce here, we may expect a break out of the pennant to the upside
Comment: Both pairs broke out, looks like an impulsive move and now correcting a bit.
As long as we can stay above the pennant, we're good
Comment: Set up got invalidated by recent break down the break out didn't continue and didn't show a chance to enter. I was already stopped out the day before with SL on entry, didn't want to take a lot of risk.
Thnx
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Dont you take consideration over Usa trade war and stocks going south?
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@monguilhot, stock profits are going to find a nice place to rest in bitcoin after this 9 year bull run. look at the BTC daily chart and remember that our money masters never slaughter their cash cows. they might beat them and starve them, but eventually they feed them again for the milk. feel me?
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