LoDoCrypto

ETH Facemelt to $1550

Long
COINBASE:ETHUSD   Ethereum / U.S. Dollar
COINBASE:ETHUSD - 4H

Ethereum has been in a clear uptrend since the beginning of the month. Trading within this channel has amounted to a charge up with ATH set, followed by a retrace towards the bottom channel line. After momentum changes on the downtrend, it marches back up to an ATH , then retracts.

The movement has been pretty consistent, and we're seeing the rebound from the lower channel attempt now. This attempt should mark a strong thrust upward as buying volume will spike near $1450, with people trying to long price discovery . Entering at $1340 with a target of the fib level at $1551. If momentum is strong I may keep a portion in for the potential ride to $1640.

This is not investment advice and trading cryptocurrency is high risk


Trade active: Choppy choppy choppy. A dance with destiny is near, as ETH swims beneath ATH and towards the bottom channel line. If the channel were to break I'd expect a free fall towards $1000. $1215 is where I bail and flip to short.

But I still believe facemelting will happen. ETH has to milk everything it can out of its network effect while 3rd gen blockchains with small fees build out theirs.
Trade active: Melt in progress. Looking for this 4h candle to close above $1480 then a shot up to the exit target at $1550.
Trade closed manually: Closed @ $1530 following consecutive rejections at $1540. Cheers everyone!

Comments

Goodshit
+1 Reply
GG
+1 Reply
@kyer, Thanks!
Reply
Nice Work!!
+1 Reply
ETH to the moon
+1 Reply