GET YOUR CAMERA"S READY!! WATCH THIS, HE"S GOING DOWN!! OR UP!!
What's up traders. My last analysis told me that we would retrace more. That was until I noticed this ABCDE formation. Here we are at the crossroads for either some huge gains or a nice short opportunity. As I said before, we would retrace from the B wave, but our supporting trend line has held thus far. I was thinking we would have a nasty C wave down into the 220's but now I have noticed that our C wave became a D wave and now we just finished our E wave. I am looking for a break to the upside from here even though there is a gang of head and shoulders just chilling along our supporting trend line. I would wait for confirmation before going long on this one. As you can see, it has been wick city and fake outs are probable before a final break. If we somehow break to the downside, then I would be looking for a buy opportunity in the low 200's which was my original analysis. What makes us successful traders is having a plan. Our plan here is to be prepared for whatever happens. If you are holding ETH and are in profit then I would sell upon confirmation to the downside only to buy at cheaper prices. I'm long right now from $204.91 and have been trading this bitch like a 2 dollar whore. If you trade this right, you can double your ETH throughout this whole wave 1. I believe we are finishing wave 4 right now and wave 5 is to come. If you are looking to enter long then wait for confirmation upon the break of the triangle and target in the $300-$355 area. I hope this helps, as this is not financial advice, just the way I see things. Shout out to Crypto Kirby...moon the likes moon em up! Sheesh!!
Comment:
So here we are 20 hours later and as you can see we have broke through the triangle to the upside for a brief moment. Holy shit this was a nice fake out. I'm sure many traders got caught with there dick in there hand and are a little puzzled right now. What we want to see is for $248 to hold as support. I have closed my long position yesterday once I realized that our break of the triangle wasn't going anywhere. I'm currently waiting for a better re entry and I am still long medium term and believe that we will hit at least $300. For now, I'm looking to take advantage of a potential dip in price in the short term. If we hold support at $248, I'm perfectly fine with re entering a long position since I basically sold the top of our little fake out rally yesterday. I won't lie, that never happens! I kind of got lucky on my hunch that the breakout we had was not what you would normally see from a symmetrical triangle breakout. So I decided to close my long position and see what happens. I try not trade with emotion but my emotion told me to sell at that point. Right now I'm O.k with being on the sidelines and waiting for my next confirmation to enter a long or a short. Can't wait, I'm curious to see what this bitch does!! Good luck guys!!