ETH - the wild bull is loose

Wild ETH bulls are at it again, and again. Most timeframes have over-extended RSI levels so any healthy cooldown is welcomed. It's been off to the races since $350 broke bullish and we've recently topped within a few dollars of the all-time-highs at the $420 level on gdax. I didn't expect to go from 350 - 400+ so quickly. Bulls could easily bust through $420 and ignore RSI levels for even more time since we are so close.

Short/mid term Target - $489 (because i'm conservative like that)
Stop - $400 has me looking for support between $370 - $390. I'm OK selling breakdowns and re-buying the next level lower.

Bear Case: There are a ton of bulls long on this trade. Big money could trap bulls here and prevent the all-time-high..or even more cruel: trap bulls just above $420 and take the price back down below $400. Bear dreams haven't done very well on LTC/BTC/ETH lately so i'll continue to treat that as a dream.

Comment:

The raging bull trend is clearly our friend here.

We got the healthy cooldown holding $400 support and have been raging to new highs. Bear dreams crushed again. It would make sense to turn the all-time-high and then some into support.

I can't help but to take a few chips off the table on spikes even if I miss the top. Dips continue to be a buying opportunity.

Trade closed: target reached:

$1 off from target of $489 ill consider this trade a success. Nice bull trap in the $480s i may buy the dip after more consolidation if price goes into $450s and lower.