Short Entry (845) Target (500) Stop loss (930) <Possible bear trap>
ETH like all cryptos are in a downtrend, consistently fallen and bounce off key support and fib levels after brief capitulation of about a week or so. Afterward, the price action rolls over and the increases to the downside until it reaches the next support or fib level.
Typically ETH falls 2-3 standard deviations (stdevs) from its previous bounce peak and then jumps ~30-70% before losing ~50% again and retesting lower support levels (which typically coincide with previous support or fib levels). The high from this most recent bounce was $900, which makes the expected drop range ~450; which happens to coincide with where the next large support range is and 0.382% fib levels. $500 is a round number which usually means bids will enter the market around that level. I expect the selling to touch $450, but want to sell my shorts into the bids coming in at $500 to make sure I get out.
Obviously, this historicism of trading works until it doesn't, so I will keep a close eye on when this trend reverses and adjust my expectations and strategy accordingly.