FerroIgnique

ETH Play: Bounce near 50SMA

Short
KRAKEN:ETHUSD   Ethereum / U.S. Dollar
I have a ray at our previous top from Feb at 290 in light blue, Ive also extended the 50SMA in the same color for my two targets. ETH popped out of resistance at 400, going to 447 before trending down harshly, shorted entered at 405. Expected targets are in order of likelihood
1.a bounce off the 50SMA which could be between 320 and 380 depending on how the price drifts
2. a retrace equal to the break above resistance, which would be approx 400-47=353.
3. A box down by the Aug 2 dump of 300 and the Feb top of 290.

Right now I've got two orders on the books, a stop loss at 407, and an aspirational take profit at 338. As the price moves down each day I'll move my stops down. I am macro bullish , so I expect a huge 1k rager of a candle in bitcoin within the next 30 days, so once the ETHs price looks like its given up the 380 handle in a convincing way I'll have a 200% flip order on Kraken that would take me long on the reversal. I do like to add to my position from equity from my trades, but the last trade I'll look to put on would be at 380. If that happens while I'm sleeping or otherwise unavailable, I'll just have to worry about trading the reversal.

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