Hey, instead of shorting Bitcoin -0.55% , I feel like shorting Ethereum -0.96% . Through this thread I will be updating and listing all of my plays. Many many updates to come as usual to show my thought process.
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So as we see here, we're finishing up this ABCDE descending triangle that I'm very confident is going to drop. I'm targeting 2 hour 55 EMA, previous resistance as support, and a 1 to 1 extension of wave 1 for wave 3. This is a dream set-up in my opinion. But can it still fail? Hell yes, but we wait to see what the data gives us. 4.5% gain on the way.
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We'll see what it does here. My dream is fading LOL. If it breaks this resistance then we stay away from the short. Very odd movements here.
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I'm seeing this possible ascending wedge formation. If we break resistance, we could see something like this happen (in the blue).
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Looking at new possible resistances and supports. Anything can happen here.
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Just stopped at support. But wave 3 was a 1 to 1 extension. Possible we get a wave 5 here that extends to this 1.618 level in the next green box. This is the 1 minute chart.
Trade closed: target reached
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Boom. Target hit! Here's a long position play.
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Wave 5 was a bit extended. But here are my adjustments to what we're given. Long target is lowered quite a bit. Here is the next short-setup that I'm looking for.
Trade closed: target reached
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BOOM. Long Target Reached! I'm going to wait a while longer before I enter a short-position for this next run down.
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Here is what we may see here soon. Just an idea. The blue lines are resistances. The White lines are supports. 1 min chart.
Idea: they should have a section on Tradingview for day traders. Unless they already do?
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My 2 most likely scenarios right now. Scenario 1 is the blue arrows, scenario 2 is the orange. I'm with scenario 1. It is possible that we break the white support and still head along with the blue arrows to that target line.
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Scenario 2 coming true! Hopefully you all are understanding my train of thought. If you would like more explanation as to where I'm getting this from, feel free to comment. I've been more busy with my other commitments, so my level of explained analysis has decreased. Hopefully you all have gotten the gist of my analysis from previous posts.
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falling from support. Right now might be the time to short.
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Just like that. This market moves quickly i tell ya.
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This could be it for our wave 5? What do you all think?
Trade closed: target reached
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3rd target of the day was reached anyways. Long positions?
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Here is a view of the next few days. Should be very very slow tomorrow. I'm trying to target an entry of $814 to lead up for a decent 2% gain over the course of the correction. After consolidation, wave C should hit very very hard.
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Should be in church right now.
Trade closed: target reached
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Nice job guys. I missed the short because my dog decided to do something very dumb.
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When I'm not sure what Bitcoin will do, I may look at another coin for a reference. You could argue that this is a bullish flag, you can argue that it is a bearish flag. Why would it be bearish? Because the highest point does not connect with the main resistance line. BUT, like I said, you could could argue both ways, we'll see what happens.
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Guys, here are our bull and bear scenarios! Good luck!
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Possible Long Position: Bullish Flag. Target $935 area.
If you enter this, please be patient and wait for confirmation. We may see a dip here to bottom supports before bouncing to a higher level. I won't activate this trade even if I enter, but I'm uploading this as a possible scenario. (I will update "Target Reached" if it does happen though haha).
I keep forgetting to say "BOOM" when I hit my targets guys. Please remind me if I forget to do so.
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Ethereum hit $921! Its stopping right at channel resistance, so it may be the end of the run here. Won't say "boom" or target reached since its shy of $14 so far....
@Eball8, Yea those limit orders that got filled sub 6K likely gonna take some profits. They walked this up on low volume
userbeauty
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We may not go lower unless bitcoin gets through the 4hr 50ema support it's hitting. May take a couple attempts to get through. Expecting to first go back to 9,000 before that happens. Expect Ethereum to act similarly as BTC?
Elijah_Trading
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@userbeauty, I think I've counted the top on Bitcoin. So i could very well be wrong, but I'm taking this as the end of that bull run for both coins and do not see a retest of that high any time soon.