ETH is halfway down into oblivion. How deep is the rabbit hole? Well it depends but I think it will be between 95 and 150. Here is why:
It depends on what BTC will do. ETHBTC has major support at 2.4m satoshi levels:
Bears are targeting that support level right now.
From ETHUSD side of things, the bear flag is targeting 110$:
If BTC continues sideways, ETHUSD should hit ~140$ with 2.4m sats
If BTC breaks its descending triangle and move towards 5200 we will see bear flag target of 110$ being hit with 2.4m sats
If BTC goes below even further I'd expect ETH to find at least a temporary bottom at 97 $
"Great thanks for giving such a huge range. Great help!" you might say. My selling target will be based on where ETHUSD will be when we hit roughly 2.4 M sats. Stop loss 200$.
This isn't a financial advice. TP has been done for bears who shorted at 290$ levels. This is a dangerous trade and a highly speculative one as well. I would suggest not to risk more than 2% of total capital as a rule in trading.
Safe Trades!
It depends on what BTC will do. ETHBTC has major support at 2.4m satoshi levels:
From ETHUSD side of things, the bear flag is targeting 110$:
If BTC breaks its descending triangle and move towards 5200 we will see bear flag target of 110$ being hit with 2.4m sats
If BTC goes below even further I'd expect ETH to find at least a temporary bottom at 97 $
"Great thanks for giving such a huge range. Great help!" you might say. My selling target will be based on where ETHUSD will be when we hit roughly 2.4 M sats. Stop loss 200$.
This isn't a financial advice. TP has been done for bears who shorted at 290$ levels. This is a dangerous trade and a highly speculative one as well. I would suggest not to risk more than 2% of total capital as a rule in trading.
Safe Trades!
Comment:
At this rate target will be reached before the weekend:
Comment:
SL Triggered. Waiting for a better entry position. Will keep this idea updated because I still think ETHBTC is heading for a double bottom at 2.4m sats at least