ETH/USD with Constantinople Taken in to Account

Can't wait to see how this plays out.

Reasons why I think these are the scenarios:

ETH/USD is in a clear cut bearish downtrend but there is three hard forks including the Constantinople upgrade of the Etherium blockchain.

Notes

• ETH failed the break the trendline again and bulls look a little exhausted.
  
• There is currently nothing to show in the TA there will be a breakout uptrend.
  

Constantinople

• May cause a new level of support if it break the trend.
  
• May cause more rapid sell-offs if there is a quick downtrend, some will have been buying for a while and take profit or panic sell.
  
• May be a complete anticlimax, or the forks may even devalue and dilute Ethereum market cap
  
• May cause amazing breakout against the trend as per the arrow above
  

Comment:

Still watching, getting interesting, MACD & Histogram heading downwards.

Trade active:

Short position at around $165 on the above bounce off the pink line - hit resistance & wicked above the line.

MACD & Histogram heading down, as is volume.

Looking at a bounce down by around $5-$10 before bulls have another go at breaking (if they have another go), 3 clear attempts so far.

Trade closed: target reached:

Bounce down by $5 worked well, 25% leverage taking very good profits.

Ended up a clear cut shorting situation:
- MACD peaked - heading down
- Histogram peaked - heading down
- Volume steadily heading down
- Resistance at trendline
- No signs of support between $160-$166

We're still in a similar situation - looks bearish but I'm not getting greedy & closing the bulk of the position before re-evaluating.

Results here: twitter.com/StevenSl.../1081416019510358017

Comment:

This chart is still valid, correctly called the recent drop.