$eth short opportunity

Good afternoon friends! I hope everyone is safe throughout the weather we've been having on the East Coast.

Alright, looking at Ethereum, we definitely have potential for more upside here, though we appear to be in the early stages of rejecting the .5 Fib channel. Even if we end up trading along the bottom of this channel, a short entry here would be just fine.

Mostly, I'm looking for something nice and safe to hedge a $BTC long here, and Ethereum seems to be that play.

However, be cautious of shorting Eth with too much risk here - if we find support on this Fib, there are many Traders who I believe will want to push the price much higher and try to break free of this downtrend.
As of now, I do not see bears feeling very much pressure at all, and I think when they are satisfied that enough people have longed the top of this bounce, we will move back down.

Let's see what happens - Good luck!

Comment:

I took some profits and then added to my short on the bounce. Waiting to see what bitcoin does here. I am willing to risk some profit to catch another big drop.

So far, satisfied with how this trade is going...the ball is in your court, Bitcoin.

Trade closed manually:

Too many signs that Bitcoin could bounce off 6190, Eth showing possible signs of bouncing off the bottom of this channel. If the dump resumes it will be violent, so I will be ready to jump back into this if we continue the descent. Daily close on the way, I'm sure that will bring some answers for us.