Ethereum (ETH) High chance of testing 215 if conditions are met.

This idea is a little bit different, and will be looking at the smaller timeframes. So far Ethereum seems to be weakening and failed to push higher. I can see it drop around 3%, which would make it a good scalp. Currently waiting for confirmation.

On the 5 min timeframe, Ethereum dropped below the cloud following a bearish TK cross and now has successfully tested resistance. If we fail to break through and get another William Fractal, it is a short signal.

Short:
221 USD

Take Profit:
215 USD

Stop loss:
If we push above 222 and trade within it for some time, get out. Alternatively, you may set a stop at 224.

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Comment:

RSI should not cross above 50 ideally.

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So far all conditions have been met, stop set at 224.

Comment:

Stop moved down to entry price of 223. If once we hit target, set a stop to lock in profits and then wait, as BTC could break down 48 hours.

Comment:

On track

Trade closed: target reached:

I closed most my position and moved my stop loss down to 222

Trade closed: target reached:

218.61 is new stop loss, I have locked in this trade for around 2.5%.

Comment:

By the way, I expect ETH to breakdown, so I will add if that does occur. I think we will form new lows along with Bitcoin.

Comment:

Yup as predicted we broke down.

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For now I expect recovery due to the spike in Bitmex liquidations, so Bitcoin will recover, pulling Ether along with it.

Comment:

Long with 1.1 risk/reward

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We should stay above 210 if this is the bottom.

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Looks like that was the bottom. I expect a second test of 210 and a push upwards.

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Short 218 level for a quick scalp with a very good risk/reward.

Trade closed manually:

Trade is complete. New trade will be updated.

Comment:

Trade active:

Please view my new idea