ETH-USD Descending Triangle Trade Continuation [UPDATE]
I am writing an update to my most recent idea posted, the ETH-USD Continued Decline off of a Bear Flag formation following the descending triangle trade;
While I still believe this trade has potential to be a solid short position, I decided to take a step back off of the 30 minute and look at the 1hr movement relative to my proposed pattern. I jumped in and out of that trade very quickly, as I chose to be more conservative and review the pattern on a different timeline. I have made several successful short trades off of these patterns as can be found in a couple of my recent posts and updates.
This updated idea reflects my further analysis and updated time frame. I've extended out the flag pattern based upon the new data points that formed in the last couple hours. I see $196.59/ETH being a strong entry point with potential for a decline to the $188/ETH range we just recently saw Ethereum hit. A cross on the MACD 1 hr would also likely occur if the price falls below that point and doesn't promptly recover, that is the main indicator I am watching for right now before entry.
A breakout below that point could mean there is potential for a sub $165 price on Ethereum. I am playing this trade tight as ETH seems to be fluctuating very frequently. Each time the patterns seem to be confirmed I have entered and seen successful trades, however at each point the price decline has been less than I expected so play it carefully.
Best of luck mates. Fair winds and following seas.
While I still believe this trade has potential to be a solid short position, I decided to take a step back off of the 30 minute and look at the 1hr movement relative to my proposed pattern. I jumped in and out of that trade very quickly, as I chose to be more conservative and review the pattern on a different timeline. I have made several successful short trades off of these patterns as can be found in a couple of my recent posts and updates.
This updated idea reflects my further analysis and updated time frame. I've extended out the flag pattern based upon the new data points that formed in the last couple hours. I see $196.59/ETH being a strong entry point with potential for a decline to the $188/ETH range we just recently saw Ethereum hit. A cross on the MACD 1 hr would also likely occur if the price falls below that point and doesn't promptly recover, that is the main indicator I am watching for right now before entry.
A breakout below that point could mean there is potential for a sub $165 price on Ethereum. I am playing this trade tight as ETH seems to be fluctuating very frequently. Each time the patterns seem to be confirmed I have entered and seen successful trades, however at each point the price decline has been less than I expected so play it carefully.
Best of luck mates. Fair winds and following seas.
Thanks for following along mates!