TheTraderJ
Long

Ethereum quick long position on break-out

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETH
Hi everyone, it's been a while since my last idea as being a buyer of crypto-currency, the last month has not been kind to crypto-currency with the new regulations in China. However, as we enter the final quarter of the year, it seems crypto-currencies are headed for a recovery.
A long opportunity has presented itself on Ethereum as it has recently broken out of its range on four times it's moving average volume (shown by the orange vertical). Price retraced but failed to break back into the range under $298. Price then rebounded (candle under green vertical) acting as confirmation of the break-out. A >3 reward-to-risk position can be made as I believe the target price will move about the height of the range it was trading previously. The target is therefore at $338 with a tight stop just below the previous support that was in the trading range at $295.
On another note, as we enter October, Ripple is on my watch-list ahead of their highly self-promoted Swell event. I will definitely be sharing and updating my current ideas on Ripple very soon.
Thanks for reading
Comment: Stop has been reached, next support is at 289

Comments

Stop has been reached, next support is at 289
Reply
maybe helpful. a possible long term view.
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