ETH last Short Position befor the big Long (+250% on long )
The past days we saw Ethereum bouncing between a price around $550 on the upper level and $450 on the lowest dip. For 8 Days we are slowly trying to change the trend. The actual bear market started on June 9. The bulls started to fight the price 4 days later. Since then we are moving in a lower trend to the upside and the bulls are starting to gain more power.
The Bulls successfully defend 4 attacks on the trend support level.
On the other Hand, the bears have pushed the bulls twice back from the new resistance trend line.
The current situation shows us that we are crossing a descending Triangle and we already bounced back from the bearish resistance.
A short trade would give us a profit between 2%-3% (x10 leverage 20%-30%)
The Triangle pattern will definitely break in the next 24 hours and its highly likely that we will have after our short trade a final long position. The interesting part is that we see the exact same pattern on Bitcoin but there we are calculating a breakout within the next 56 hours. so if we can break the pattern on ethereum we can also predict a pattern brake on Bitcoin. If we brake the pattern on ETH then we are looking for a price improve above 25% without any leverage. (x10 = 250%) (Triangle Pattern price range 25%)
Our confirmation for the short entry is that we also can see a downtrend on our MACD and our RSI which was formed and already tested once.
I hope I forgot nothing and I will keep you updated about the movement on this chart for the next 24 hours
See you soon
Cryptdamus
The Bulls successfully defend 4 attacks on the trend support level.
On the other Hand, the bears have pushed the bulls twice back from the new resistance trend line.
The current situation shows us that we are crossing a descending Triangle and we already bounced back from the bearish resistance.
A short trade would give us a profit between 2%-3% (x10 leverage 20%-30%)
The Triangle pattern will definitely break in the next 24 hours and its highly likely that we will have after our short trade a final long position. The interesting part is that we see the exact same pattern on Bitcoin but there we are calculating a breakout within the next 56 hours. so if we can break the pattern on ethereum we can also predict a pattern brake on Bitcoin. If we brake the pattern on ETH then we are looking for a price improve above 25% without any leverage. (x10 = 250%) (Triangle Pattern price range 25%)
Our confirmation for the short entry is that we also can see a downtrend on our MACD and our RSI which was formed and already tested once.
I hope I forgot nothing and I will keep you updated about the movement on this chart for the next 24 hours
See you soon
Cryptdamus
Comment:
Today morning we had already a little Fakeout on our Triangle pattern but the current candle shows some bearish movement. So i added a Stop Loss zone. if we get above this zone we are going into our Long Position
Trade closed manually:
Taking Profit and going into a long position now