Minitech24

ETH located at a crossroad

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Ethereum reached the longterm descending resistance line. It has now to decide which direction it wants to go, either way the move will be huge.
My provisional targets are the yellow lines. Can't tell yet which way it will take, yet I am bearish biased.
If it takes the downward move I expect a short consolidation at the lower yellow line followed by even greater dump to probably below $20 (Capitulation).
Comment: seeing a potential bart developing, may open a short position with target 108 and a tight stop loss. ideal entry above 120
Trade active
Trade closed manually: closing trade again, too much risk involved. I think a pump is very likely atm, question is if it is enough for a sustainable bullish swing or if it will just lead to another dump.
Comment: pump & dump would be typical for this kind of structure. Bearish divergence in the 2-6h charts strengthens this possibility. BTC looks like it's developing a Bart formation
Trade active: reactivating short
Comment:

entered my shorts too early, probably going to sit this out though.. ETH longs nearing ATH.
Comment: broke to upper resistance of the wedge to create a channel, seems like eth is currently kept at the top by bitcoin as it wants to reach the 0.886 fibo, but a correction is imminent. I doubt that ETH gets much higher than 155 if at all. Overall, we're still in a bear market, probably going to increase my short anytime soon.

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