ETH - clearly a bubble crashing, yes, GET OUT!? No, no no !
So what's going on, everything is crashing. Yeah, it is...
For the people who are new to crypto this may look like this, but it's all a part of the cycles in this volatile space.
Vertical movments always act this way, but if we take a look at the bigger picture here we can see that we went into a parabolic mode and we have now moved down all the way down to the long-term trendline.
This is the important part, this is where the majority of people want to get out, a.k.a "blood in the streets".
But this is also where the smart traders get in, they got out way before this happened because they saw that rest of the investors were in a state of euphoria which is now close to capitulation, and now are looking to get in a long position again.
I have dashed out the long term trendline and as you can see we are at the bottom of it, if the trendline breaks I'm pretty sure we will correct into the long time trendline very quickly.
Not much to say, I'm going long from here and setting a stop loss at around 395€ which actually is south of the trendline, this is because the bears got us at their mercy and they will do everything to squeeze out the people in long positions to gobble up more cheap eth.
Having such a low stop loss is a risk I'm willing to take because the reward is much greater.
I wish you all good luck.
For the people who are new to crypto this may look like this, but it's all a part of the cycles in this volatile space.
Vertical movments always act this way, but if we take a look at the bigger picture here we can see that we went into a parabolic mode and we have now moved down all the way down to the long-term trendline.
This is the important part, this is where the majority of people want to get out, a.k.a "blood in the streets".
But this is also where the smart traders get in, they got out way before this happened because they saw that rest of the investors were in a state of euphoria which is now close to capitulation, and now are looking to get in a long position again.
I have dashed out the long term trendline and as you can see we are at the bottom of it, if the trendline breaks I'm pretty sure we will correct into the long time trendline very quickly.
Not much to say, I'm going long from here and setting a stop loss at around 395€ which actually is south of the trendline, this is because the bears got us at their mercy and they will do everything to squeeze out the people in long positions to gobble up more cheap eth.
Having such a low stop loss is a risk I'm willing to take because the reward is much greater.
I wish you all good luck.
Trade active:
Limit order (75%) @ 550€ -> Long
Limit order (25%) @ 500€ -> long
Stop loss @ 399€ -> Close
Long term target @ ~1800€
Limit order (25%) @ 500€ -> long
Stop loss @ 399€ -> Close
Long term target @ ~1800€
Comment:
Long term target @ 1500€ - typo above.
Comment:
My order got filled!
Also, there is a chance we that we actually might touch 400€ area before we see any solid reversal, thats why my stop loss is so low. What I'm saying is that not even the best traders can call the bottom, and patiance is they key to victory in this game.
Also, there is a chance we that we actually might touch 400€ area before we see any solid reversal, thats why my stop loss is so low. What I'm saying is that not even the best traders can call the bottom, and patiance is they key to victory in this game.
Trade active:
Good chance we touched the bottom - 450€. Solid bullish moves going on right now! Question is if we will revisit 450 again to confirm this - my opinion; i don’t think so. We might fluctuate between 500€ and 600€ while building up more momentup until we can crush through the bears.