It just wicked the .786 fib exactly, with a TD9 on the 2h just triggered (on continuation, not confirmed yet) - and 1 more candle close for the 3h TD9 which will make a double TF TD9 , which tends to be a strong reversal signal.
I have a feeling the MM are fake pumping this up to dump even more.
Its either that, or we will break resistance; but I am skeptical because this looks like a very traditional dump, pump, dump. pattern.
This is a pretty safe short with SL nice and tight above the fib.
wait for the 3h TD9 , and there is also 1 more candle for a 4h as well.
so if it sustains, it could be a triple TD9 (2h, 3h, 4h)
put 65% take profit at 205.1
211.1 -> 205.1 on 5x leverage
so i have 35% left to ride and SL lowere down to break even.
i am not really expecting much more downside but its got potential to hit 200 again, so lets see how the long weekend games play out.
ez trade when all market indicators line up.
maybe sometime this weekend, but i expect a bounce up on the .5 fib level, if it gets there
volume reversal is very low since yesterday down to ~205
i exited most of my trade and put some of it to SL break even just to see....but i dont expect that much more on this wave.
also the reaction ETH had to this retracement was very bullish.
it bounced right back up to .786 fib with hardly any chop.
that means we are still more bullish overall. long trades are the safer ones.
ETH is outperforming BTC now yet again, keeping this trend since last month
btc doesnt look so good, and correlation is at 0.90 so btc downfall could still pull ETH with it
it really looks like sellers all stopped to let it drift up a bit.
waiting for higher prices to dump again.
Probably need some more.
Lets steal some candy from a baby ;S