Ethereum (ETH) Will test 200 soon. Short the top. Fractals.

Ethereum has dropped below 220 and is currently trying to retest that level. However, the price looks very weak and has a high chance of testing 200 before rebounding or falling through. I have come to this conclusion after testing previous fractals and doing fib analysis.

Therefore, we may short Ethereum.

Short:
219 USD

Take profit:
203 USD
Or alternatively set a stop loss to lock in profits if it looks like the 200 level will not hold.

Stop loss:
221.20 USD (Reduce 50%)
223.70 USD (Final stop, if it breaks this will be bullish)

If Ethereum breaks 221.20 and 223.70, we may expect a 230+ Ethereum, so you may long then.

Thanks for viewing! Please check the related ideas section to view my past track record.

Comment:

Please click this chart and view how closely Ether follows fib lines due to algorithmic trading.

Trade active:

Comment:

The stop loss has been hit. It was busy at work today and I just got back, I closed 221.

There was an obvious stop hunt on Bitcoin and Ether, which means the large money went long then after triggering market stops. Others caught on and bought in with them.

Comment:

As you can see we broke 221 and now many other bear fractals so it seems Eth will move higher.

Comment:

Each higher move will 100% create a bearish divergence, and I expect the top to be at most 20 points from here.

Comment:

There is another short scalp opportunity soon near the 224 area. Basically short there with a stop loss that is very close and a take profit 220 for a 1%+ profit with almost no risk.

Comment:

Long stop 217

Trade closed manually:

Trade is closed, new chart will be updated. Looking at going long but am waiting for confirmation.