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Ethereum broke down this triangle📐 and I think there is chance for run to 973 and even lower. Setting SELL LIMIT order to previous range low @ 1233 to catch🎣 the pullback. The low @ 1172 is going to be critical, bulls do need to defend this level if they want to spoil the bears' party.
ENTRY: 1233
STOPLOSS (SL): 1292
TARGET (TP): height of the triangle projected from midpoint of the previous range (pink line in the middle) @ 973
REWARD RISK RATIO (RRR): 4.4
INVALIDATION: when STOPLOSS level hit
Check my other stuff in related ideas.
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Trade active
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SELL LIMIT Order filled ✔️ Check the precision
Comment
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Trade going well. The grey uptrendline and key support taken out. I think we could go back up to backtest the key support, which should now act resistance in fact. Range low would be last hurdle on the way to target.
Trade closed: stop reached
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Stoploss hit 🛑 ETH didn't make it to the target, actually it broke all the downtrendlines and reached the invalidation point.
Nice analysis, I was either thinking we bounce from that double bottom june 18th, 880 which should take place on November 23rd. get a bounce there and then really crash down Dec 15th - Which should be the bottom of this cycle. thoughts?
bizmark
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@Plutus_trades, Thank you. Actually I think ETH can go as low as $350