ETHUSD @ .786 - One more dip? (eyes on the crypto news)

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
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ETHUSD is at the 0.786 retracement level, very close to the rising long term trend line and to the bottom line of the falling wedge . One more dip to 400-420 can be realistic. The price was in the exact same range between nov 24 and dec 11. If this range holds during the next few days, ETH has a good chance to break above the downtrend channel , but only when some serious and positive crypto market news coming. If it breaks below this range, than I have to erase this chart and start to find new patterns.

I'll watch the news about ASICminers, regulations and bans but the most important is about the crypto ETFs. I am also watching tech equity market news how crypto market reacts to the retracement of this sector.

Good luck!
Mar 29
Trade active: ETHUSD went down since I published this chart, we are in the range of 400-420 now. I just opened a long at 416 w/ sl at 399. I hope it will not go deeper than 403-405.

Positive scenario: If this range holds I will buy more in the next couple of days with the same SL and the target zone could be somewhere at 540-550 or I will target the fib level at 660-670. I will try to calculate the precise range when it breaks above the falling wedge.

Negative scenario: If it breaks down below the rising trendline, then I have no idea where the bottom can be or where the next support zone is. In that case I have to rethink how this market fundamentally works.

Good luck!
Mar 29
Trade active: I opened a long again at 406 and I have analyzed the ETHUSD order book and than moved my SL from 399 to 394. 400 seems very very strong support. I travel today and I cannot check the charts (I know its a bad idea to move SL, but the current situation is very critical, I made the decision to add more risk to it, if negative scenario wins, I will get the losses back by shorting it).

Be careful, if it breaks down the next stop can be much lower.

Good luck!
Mar 29
Trade closed: stop reached: it went lower than I predicted. I am on the way, I can rethink it and draw new chart tomorrow
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