Make Money Both Ways

The crypto market is pretty active these days. Uptrend; it is uptrend and make no mistake about it. This, nevertheless, does not mean you should not short it if it raises more than what it really deserves. I am waiting for a good entry point to short ETHUSD at this point even though I am personally bullish on the crypto market. Further raise is rejected for now after hitting the ~$230.00 level. It might try raising above this level again as the emotions are high in the market, but I think rejection is likely. The formation is a Broadening Wedges, Ascending with an upward breakout. The direction of the breakout indicates that we might continue bullish over short-term. Not to mention that the prior major formation was an Ascending Triangle that did make phenomena returns. Thus, it is bullish, but chances are high for throwbacks (and that is where a short position returns). In terms of indicators, bullish momentum is decreasing on hourly MACD faster than it is on hourly AO. On daily chart, bullish momentum is still solid and strong for both MACD and AO.

Stay tuned for the entry point...

Comment:

It's gone higher and higher. I was right about pushing higher and I was wrong about pushing above $230.

Current price: ~$249.00

Still waiting for an entry point to short it. Seems out of steam and exhausted...

Comment:

Entry: ~$260.00 - Average
Stop: $282.00 - 7.801% of position at risk
Target: Pending

Trade active:

We pushed higher and higher throughout the past 24 hours. I did want to take some profits off as the price was going against my position. Nevertheless, I kept everything as they used to be. For now,

Current price: 253.37
Profit Target: 249.00

Trade active:

The target is reached now, but I believe that we will push further down. Thus,

Current Price: 247.79
Updated Stop Loss: 265.00 - 1.887% of the position at risk
Updated Profit Target: 235.00

Trade closed manually:

I was wrong about "the further decline." As of now, I closed the short position and

Entry: 260.00
Exit: 257.78
Result: +0.861% of the Position