It looks like we have a diamond top formation playing out for Ethereum at the moment, and as such, can expect to see a correction. A pullback to the EMAs, whether that means pinning them or pulling them all tightly together, seems like a probable outcome to me. I'm leaning towards a tightening of the EMAs being the most probable outcome, followed by a new set of surges to the upside.
Short-term Short if comfortable shorting anything in a strong uptrend, but beware of fakeouts before the actual pullback. Better to enter on confirmation of support having turned resistance, or at the very least scale into the position with the lowest possible leverage from the get go. Adjust on having seen a solid confirmation of the correction.
Medium-term Build longs on the way down: small position sizes and low leverage. Up the stakes after only after a reversal pattern and a continuation to the upside stands out as the most probable outcome, meaning confirmed on multiple timeframes and backed by price action.
@mqasimazhar, Ethereum is a beast, is what I think. In the end, I opted for hedging my positions against each other, effectively protecting me from both loss and profit.. Shorting in a bull market is risky in any case, and this served me well as a reminder.
MSingstad
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Woops, multiple charts published — my apologies for that mess! Only the ETH chart is relevant to this analysis.