Hey traders! I must say that watching Ethereum
develop into it's up or down trajectory is very boring ! I'm looking for the big swings and instead we are getting these 2-6 dollar moves which is why I haven't been really trading it. I gobbled up a whole bunch at around $104 using dollar cost averaging and I dumped half of my position at around $140. Made some really nice gains and I have been waiting to re enter a position. As I see now on the charts, I feel that we have a big move to the downside. I see two triangles and I believe we have finished our wave 4 and are in the middle of our wave five as we speak! With everything going on right now with COVID-19, I don't see any reason for us to have any sort of huge move to the upside ! Honestly, I haven't really paid much attention to Ethereum
lately due to the fact that I see larger opportunities in traditional markets. There is more money to be made trading options on the S&P
and the QQQ
power shares rather than crypto right now. I just wanted to give you guys an update on Ethereum
in the mean time, since this is my favorite coin to trade against USD. I really don't see much upside here in the short term. I see that we broke out to the downside of the smaller triangle on my chart. Then I see a classic retest of the breakout zone as per classic technical analysis
. At best, we might retest $136-$137 again as per my elliot wave
count which would still be another retest of the break out zone of the same triangle. Now !!!! If we break my larger triangle with conviction, WHEEEW!!!, put the women and children to bed and let's go looking for dinner!! I don't have an exact target yet, but it will be ugly!! If we break out for some reason to the upside of my larger triangle, I will buy back my half position and see what happens to the upside. This is not trading advice, just the way I see things!!! Set your fucking stop losses like you always do !! Peace out traders !!