I think Ethereum is ready to buck this recent downtrend on the basis of a reverse head and shoulders. We've been trading sideways for a while in a compressing pattern and until we make a confident break of this sideways action, you have to expect that we will oscillate. In addition to approaching the recent local bottom of 2280ish, this looks like a perfect opportunity to form a reverse head and shoulders and force the bears to cover their shorts.
TP1: 2630 (+9.3%) -- neckline of reverse H&S TP2: 2830 (+17.7%) -- higher target if we breakout above the neckline
Published trade statistics: Win Percentage: 6/7= 86% Avg Gain on Wins: 12% Avg Loss on Losses: -20% Weighted Avg P/L % : 7.81%
I like the idea and it looks like working, however btc makes me scared , it may end the game soon. We have a deathcross on the door, a massive H&S pattern, etc. What do you think?
@burakb, I'm still in this trade. Definitely a bit concerned that we failed to hold the $2350 area. Obviously ETH depends on bitcoin and the massive H&S is worrisome but that should take longer to play out. I still expect us to be range-bound for at least another week. This trade (at least for the first TP) is a short-term play
burakb
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@Sultan_of_Chart, thanks for thr comment. New learner here. So I am a bit curious:)
burakb
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I liked that you share your statistics.
yazman50
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i second your idea, as it is heading upward right now, but its reality BTC can destroy the dreams, Mola khush Rakhy chacha sultan