ethbtc trade idea

POLONIEX:ETHBTC   Ethereum / Bitcoin
537 4 11
Look to buy the pullback after breakout confirmation.
Comment: This chart is no good without the breakout to confirm, otherwise all bets are off.
Comment: Updated trading strategy in the comments section below.

Comment: So close to hitting the target, should see it on the next consolidation push.

Trade closed: target reached: Hit

As the first target had been met it was rather unfortunate if not slightly unexpected for the pullback to be as deep as it was. My normal strategy when buying pullbacks is depending on the time frame I am working on i.e since this is a 4hr chart I like to see a minimum of 2 bars close at or above my buy price with preferably positive divergence before pulling the trigger. Since the criteria was met with this trade I looked for an entry on the 3rd bar however price then collapsed there and continued lower.

As the trend remains intact for my topside target of 0.0287 my current strategy is to wait and see if price retests prior resistance which should now be support or if buyers step in and continue pushing higher over the coming days. The daily and 4hr look indecisive and look to be pausing for the moment.

There are 3 reason for having a target of 0.0287 in mind.

1: It's the 61.8% retracement from the top leg set on March 13th.

2: It's the 161.8% extension from April 26th low to May 2nd high.

3: It equates to a perfect measured move target as can be seen in the chart below.

Good Luck

Need to see the breakout for confirmation but have a look at this.
BTCMarket BTCMarket
the 20d sma has been a good guide which is currently acting as support so until I see that go I'll stick with the probability of an inverse head and shoulder break out and buy after the pullback where it should be supported.
It looks like we'll see big upside right?
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