Crypto_Ed
Long

Perfect bounce for ETHUSD, $ 1.000,- is next

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Left chart: ETH did an ABC correction and perfectly hit our target which we determined last week. This is also exactly the .618 fib level as you can see on the right chart.
Right now bouncing from the blue box which gives me the idea, this correction is finished. Breaking the upper trendline would give more confirmation as we leave the downtrend at that point.

Right chart: long term view. We came down from the previous highs and bounced (leg 1), followed by a correction forming leg 2. We should be at the start of leg 3 which should lead us to the blue box around $1,000,= or even a bit higher.

This is a risky trade, pure technically it looks perfect but the market sentiment is bearish . Therefore I would advice to slowly build your position and increase when you get more confirmation, like breaking out of the downtrend.
The set up is invalidated when we make new lows.

Past weeks, ETH gave us much clearer set ups as BTC . This upmove is also expected to take place in BTCUSD

happy trading!



Trade closed: stop reached: Panic selling in ETH, ICO funds dumping their ETH.
No matter what's the reason: trade closed, stop got triggered

Comments

You have to be kidding, it's a bear market
+2 Reply
Crypto_Ed Pumptruck2
@Pumptruck2, maybe you should read my remarks
+3 Reply
Thanks for your charting Ed. It is highly appreciated that you share your views with us. Keep it up!
+2 Reply
DUDE..its a bear market..lol
+1 Reply
Crypto_Ed icotyme
@icotyme, maybe you should read my remarks
+3 Reply
stevegong Crypto_Ed
@Crypto_Ed, It really amazes me and must frustrate you so much when it’s so clear that some people are either are trolls or plain stupid.

May god give you patience Crypto_Ed.
Thank you for your contributions and time spent.
Reply
Crypto_Ed stevegong
@stevegong, you get used to it and I can only laugh about these people.
Its always the same: not sharing anything only commenting others (and not reading the additional info). They must have a sad life
Reply
Shame that bitcoin is dragging this play down.
Reply
Thank you for updating this.
Reply
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