Pretty heavy downward momentum last week. No big reasons for bulls to look up for opportunity yet - sitting between support and resistance levels. The pattern from February seems also to be repeating itself, predicting a strong bearish run after current state of consolidation.
My trade is set up as follows:
Short from 590 last night, with stop loss at 605 or 610 depending on your preferences. It's tight, but I'd rather get struck out of the trade and reenter at higher levels than baghold through adversity.
First target: 520 - 540 range. Pretty convincing scenario right now that we will continue on downward momentum to get the bears all softened up before bulls return.
Second target: 440-470 range. Does not seem unlikely. Pattern from Feb suggests a pretty strong move, so depending on the strength at 520 I will decide on whether to keep 50% of my position running to the next level.
Also: What could turn the tables on us? Monitor BTC. If we see any tendencies to more positivity regarding cryptos in general we should get careful. However, as I said, there are not many reason to want to be long BTC/ETH atm. General outlook is pretty pessimistic, here on TradingView, but also other places. People are talking a lot about a bullish run in "the future", which tells me they are prepared to take another battering RIGHT NOW. Bullish hands are likely to be weak.
I'd like to invite contrarian ideas - please share if you've got any input or other views.
My trade is set up as follows:
Short from 590 last night, with stop loss at 605 or 610 depending on your preferences. It's tight, but I'd rather get struck out of the trade and reenter at higher levels than baghold through adversity.
First target: 520 - 540 range. Pretty convincing scenario right now that we will continue on downward momentum to get the bears all softened up before bulls return.
Second target: 440-470 range. Does not seem unlikely. Pattern from Feb suggests a pretty strong move, so depending on the strength at 520 I will decide on whether to keep 50% of my position running to the next level.
Also: What could turn the tables on us? Monitor BTC. If we see any tendencies to more positivity regarding cryptos in general we should get careful. However, as I said, there are not many reason to want to be long BTC/ETH atm. General outlook is pretty pessimistic, here on TradingView, but also other places. People are talking a lot about a bullish run in "the future", which tells me they are prepared to take another battering RIGHT NOW. Bullish hands are likely to be weak.
I'd like to invite contrarian ideas - please share if you've got any input or other views.
Comment:
Behaving as expected, let’s see if we can get another run south after consolidating around 530
Comment:
Hard retracement from 530s back up to some level around 560s. I’ll have to take a new look come weekend, don’t think this is the bullish rally we’ve been longing for