From the last update a week ago price was approaching the end of consolidation inside the triangle. On Tuesday we then saw price 'Fake Out' to the upside triggering buy orders as well as taking out any stop losses above the triangle. Price consolidated above the zone for 2 days enticing even more buyers to go long. A sharp reversal then came on Thursday which saw prices drop back into the triangle and proceeded lower with a breakout to the downside. If the June low is taken out we expect the next target to be around the 1000 area which is a psychological number. As for pullbacks and opportunities to ride the trend, history shows that during trends, Etherium, just like Bitcoin usually offers shallow to no pullbacks on the high timeframes therefore looking at lower timeframes such as the M5, M15 on M30 may offer opportunities to capitalize on the move.
@SwallowPremium, Thanks :). I just checked out your channel; It looks like you`re doing a great job yourself!
Rockqet
⋅
Hello, I completely agree with your bearish bias on ETHUSD. I agree that is a very clear fakeout. I am looking to sell and take profit at 1213.77, where the 50% Fibonacci line is. Please consider my suggestion:
Swiing
⋅
@desmondlzw, If we get a pull back into that zone I am also looking to short around that area. It would be a beautiful setup. Ive noticed the pullbacks can often be shallow in a trending market and when that happens, I also look for breakouts in the direction of the trend and I just ride the momentum. I will be watching the lows at 1073 and will consider taking partial profits. If price breaks lower, My 2nd target is around 1000