STOP LOSS: 774.58
TAKE PROFIT: 1415.96
Risk-reward: 2.64x
Longer term trend: Bullish
Current trend: Bearish
General comments:
Ethereum has been declining in a bearish channel for about 2 months, since the start of the year. However, price broke the 50% retracement at $914.40, and is nearing the upper limit of the channel. The idea speculates that price will break the resistance.
What I like:
1) excellent risk-reward of >2.5.
2) price broke past the 50% retracement and used that level as support (evident from the chart on the right). Further, the level can be used to bench an excellent stop-loss area.
What I dislike:
1) fundamentally, ethereum along with many other coins are still the same, if not worse. Central banks expressed the need of control and lack the wide adoption of digital currencies. This means that coins are still being used as a form of speculation than to exploit its utilities.
Other things to note:
1) A proper bullish break past the declining channel constitutes a candle/candles with a decisive bullish close. This includes a very strong bullish engulfing candle which closes in the top 20% of the bar, and preferably a large candle.
*This is my first few attempts to contribute to the tradingview community. Do support by liking and following! All suggestions/feedback welcome!
x, and happy chinese new year,
iskfx
TAKE PROFIT: 1415.96
Risk-reward: 2.64x
Longer term trend: Bullish
Current trend: Bearish
General comments:
Ethereum has been declining in a bearish channel for about 2 months, since the start of the year. However, price broke the 50% retracement at $914.40, and is nearing the upper limit of the channel. The idea speculates that price will break the resistance.
What I like:
1) excellent risk-reward of >2.5.
2) price broke past the 50% retracement and used that level as support (evident from the chart on the right). Further, the level can be used to bench an excellent stop-loss area.
What I dislike:
1) fundamentally, ethereum along with many other coins are still the same, if not worse. Central banks expressed the need of control and lack the wide adoption of digital currencies. This means that coins are still being used as a form of speculation than to exploit its utilities.
Other things to note:
1) A proper bullish break past the declining channel constitutes a candle/candles with a decisive bullish close. This includes a very strong bullish engulfing candle which closes in the top 20% of the bar, and preferably a large candle.
*This is my first few attempts to contribute to the tradingview community. Do support by liking and following! All suggestions/feedback welcome!
x, and happy chinese new year,
iskfx
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