ETH is starting to show signs of exhaustion. I already took my profit off the table earlier, if you haven't yet I would consider doing so or putting a stop loss on it.
1. RSI is showing signs of topping.
2. MACD had a cross but looking over extended.
We are however still looking strong on the day chart.
I mentioned on my last ETH pattern that you could put a buy stop above $530 for a move up to this zone and it worked nicely. Too much resistance at these upcoming levels to feel comfortable putting a buy stop above 600.
Adjusting martingale's up accordingly. I will also be doing more of a barbell strategy and going in heavier at this first buy zone. If we come down and find support at this level it could mean that we form a MASSIVE Inverse head and shoulders pattern and it would signal a move up in a big way. I am little hesitant on putting in on my chart yet as I want to see it form, but want to point out that it's in the cards.
Happy trading,
-Sherem
Please smash that like button if this helped you!
Original call saying it's going to this area, and I did adjust it up to possibly 600 based on my ETH/BTC analysis
More detail on the martingale set up -
1. RSI is showing signs of topping.
2. MACD had a cross but looking over extended.
We are however still looking strong on the day chart.
I mentioned on my last ETH pattern that you could put a buy stop above $530 for a move up to this zone and it worked nicely. Too much resistance at these upcoming levels to feel comfortable putting a buy stop above 600.
Adjusting martingale's up accordingly. I will also be doing more of a barbell strategy and going in heavier at this first buy zone. If we come down and find support at this level it could mean that we form a MASSIVE Inverse head and shoulders pattern and it would signal a move up in a big way. I am little hesitant on putting in on my chart yet as I want to see it form, but want to point out that it's in the cards.
Happy trading,
-Sherem
Please smash that like button if this helped you!
Original call saying it's going to this area, and I did adjust it up to possibly 600 based on my ETH/BTC analysis
More detail on the martingale set up -
Comment:
I wasn't surprised when ETH hit this 600 level, but it has been surprising that ETH has gone this high this fast. ETH/BTC is hitting a major resistance line and ETHUSD is hitting MAJOR MAJOR resistance at this 675-700. If the market pushes all the way up there and starts throwing signs of topping you could short ETH at those levels. Go back in the charts and look at how significant a role this 675-700 area has played. Support becomes resistance once broken. If we bust through it it will be very surprising.