Dear Diary,
Apologies for the terrible entry title. Crypto moves fast so a binary call is a bit rubbish, but I'm of the opinion the sideways action from the early Sept dump is nearly over. We dipped below the 50SMA, came back up to re-rest it on the 17-18th and went back down. I was expecting the price to continue to fill out this descending wedge, but it broke up, I closed my short, went long for bit and then took all my profit at the 50. Opened a short with the stop loss just a bit above the wick on 10 Oct. Vstop flips on the daily can be very powerful indicators, but with so many people being so bullish and cryto being what it is I'm willing to risk a small loss to my portfolio on this. Target is the 200, or near the bottom of the descending wedge I drew.
The Stoch RSI is a trailing indicator, of course. And while getting over bought can indicate that the run is over, we could have a period of time where it runs across the top, pumping 80%. So, always trade with a stop. A bull cross on the 4h would be very bullish for ETH. Its also entirely possible that the price action will bounce off the 4h vstop, as it often does.
Its also curious to note that Gold looks very similar to ETH, at the 50SMA, Stoch RSI near over bought.
That being said, on a larger time frame I am very bullish cryto and bullion.
Apologies for the terrible entry title. Crypto moves fast so a binary call is a bit rubbish, but I'm of the opinion the sideways action from the early Sept dump is nearly over. We dipped below the 50SMA, came back up to re-rest it on the 17-18th and went back down. I was expecting the price to continue to fill out this descending wedge, but it broke up, I closed my short, went long for bit and then took all my profit at the 50. Opened a short with the stop loss just a bit above the wick on 10 Oct. Vstop flips on the daily can be very powerful indicators, but with so many people being so bullish and cryto being what it is I'm willing to risk a small loss to my portfolio on this. Target is the 200, or near the bottom of the descending wedge I drew.
The Stoch RSI is a trailing indicator, of course. And while getting over bought can indicate that the run is over, we could have a period of time where it runs across the top, pumping 80%. So, always trade with a stop. A bull cross on the 4h would be very bullish for ETH. Its also entirely possible that the price action will bounce off the 4h vstop, as it often does.
Its also curious to note that Gold looks very similar to ETH, at the 50SMA, Stoch RSI near over bought.