Expecting ETHUSD to continue bounce off support
I have been testing some ideas new to me such as Gann box and using it together with the Viper Volume Profiler with a 4hr chart. I also found some patterns in the "OBV MA Crossover". I noticed a spike in selling volume which precedes a major larger spike in selling. I seems pretty consistent, 11-bars on a 4hr chart after a minor sell off, there is a bigger sell off which I found is testing the major support line before it bounces back up.
I used several indicators and my own technical analysis to help me buy ETHUSD today (Feb-20) when it tested a major trend line of support and triggered my limit order @1820. I then watched it bounce up and continuing its trend upwards. ETHUSD low today was 1811.45 and that is after it had made an all-time-high of 2041.42 on Feb 19.
Based on the current trend and a Fib extension chart I drew, I think ETHUSD may hit 2223 and higher in the next 10-14days before retesting the major trend line again at 2129 to 2207
I used several indicators and my own technical analysis to help me buy ETHUSD today (Feb-20) when it tested a major trend line of support and triggered my limit order @1820. I then watched it bounce up and continuing its trend upwards. ETHUSD low today was 1811.45 and that is after it had made an all-time-high of 2041.42 on Feb 19.
Based on the current trend and a Fib extension chart I drew, I think ETHUSD may hit 2223 and higher in the next 10-14days before retesting the major trend line again at 2129 to 2207
Trade closed: stop reached:
I got stopped out when ETHUSD went below 1925. My position closed.(glad I had one!) Waiting to see if there is a further drop to support @ 1765-1816. Otherwise, it could drop to support on the daily time frame of 700-800. On the weekly time frame, a cup-and-handle pattern is evident which supports the drop to the 700-800 range. This would be a great place to re-enter ETHUSD as I am still bullish long-term.