Monitor price action from here onwards, we have 2 more 2 day bars left. If we don't have a new low, we might form an uptrend continuation setup.
Going long from this level might be a good opportunity (I'm already in from a bit lower, but it was a riskier entry).
Risk a 15 to 25% decline for a potential rally to 0.075 in the coming weeks.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
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BTC started to accelerate, updating charts. The USD value of ETH is doing fine, but relative strength wise, BTC is outperforming it slightly now.
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One more bar to confirm that we're basing here.
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We could be seeing a double bottom here, wait for the closed bar and the time to expire before going long.
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It's safe to go long ETH now. Determine your position size based on 1-3 times the daily ATR. (I don't reccomend stops, nor leverage)
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Trade closed manually
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I'd stand aside for now. Ethereum is acting like 'lack of interest' in it, due to the BTC rally. Might consolidate for an extended period of time, not worth it to risk money on it now. I'll hold mine as a hedge to BTC, since it's a small position but I wouldn't advise you to buy now expecting any kind of move. (nor to short)
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Today's action is promising, we can look to enter longs again.