Edgy_

ETH reached $360, but overshadowed by grandpa BTC

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Hello dear ETH traders. Our last analysis was spot on guys: We had looked at this beautiful Bull Flag to head higher:


=> We saw a perfect break out & follow through, giving more than 30% profit since the $273 break, which I had personally played. I played ETH vs. BTC or LTC on the bull break, because ETH was still not overbought on the Weekly, and it perfectly played out. As our chatroom knows, I took partial profit on the way to $300, and also with the break of the trend last Sunday at $312. So I personally didn't have any position left when we went higher to $360. By reaching the $360 guys, we reached the crucial S&R zone of our ETH Macro Analysis:


With the rejection of grandpa BTC at $14k, obviously ETH's little game was over faster than we could look. We smashed down from $360, now giving the whole move back into the previous S&R zone of $230-280: This was a perfect Bottom-Fishing play based on previous support, because we where oversold on all timeframes up to the 4H, strengthening the case of a bounce. The bulls perfectly bounced giving 10% profit up until now already.


Now what?

We're gonna wait & see, how far the BTC bulls come inside the potential 4H tightening range:


=> The strength of the BTC bulls is going to determine, if ETH can keep the range of $230-80 as bottom.

In the direct correlation to Bitcoin , we have now arrived at the bottom range of support inside the Equilibrium:


=> We should expect some reaction here from the bulls. Should we break that bottom of 0.025 BTC eventually, ETH could be hugely losing towards BTC , up to 50% until the next support of 0.012 BTC .

Do you know how to play bottom-fishing/mean-reverting strategies? Do you have a trading plan with sheets, or are you trading from your head? Are you already making gains over the long-term, like a casino, or are you losing over the long-term, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. I wish you a good trading! :)

Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.

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