Crypto is on fire thanks to short positions getting liquidated. Over the previous 6 months nearly every time ETH breaks out on volume there is a move to at least 30%. Price broke the $170 resistance level with ease and decent volume. And to this point in time volume and price action are all very bullish. So I would expect price to get to at least $180 and then perhaps $200.
My general trading rule is to always have 2 to 1 risk reward. I will only adjust this rule under the following two circumstances:
1. As soon as i get into the trade it starts to go against me, then i will cut my loses quickly. (low of entry bar)
2. If price quickly hits my first target then i will cover half and trail the rest looking for volume spikes and reversal candles.
In ETH situation, I am comfortable with staying long until I see some signs of weakness. It would be a great to see volume to continue to slowly increase and stochastic to become embedded.
My general trading rule is to always have 2 to 1 risk reward. I will only adjust this rule under the following two circumstances:
1. As soon as i get into the trade it starts to go against me, then i will cut my loses quickly. (low of entry bar)
2. If price quickly hits my first target then i will cover half and trail the rest looking for volume spikes and reversal candles.
In ETH situation, I am comfortable with staying long until I see some signs of weakness. It would be a great to see volume to continue to slowly increase and stochastic to become embedded.
Comment:
ETH definitely showing some weakness compared to BTC and LTC. Kind of worrisome. Hopefully price can get above $170.
