BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
So, so so. If you were following me I call 3100 when we were at 1800...watch my old charts. that is nearly 100% profit in 2 weeks. Now as I said before, I believe we are due for a retracement. ETH like BTC is getting extremely overbought. I have unlocked some of the profit 30-40% and I am letting the rest of the bags running (long term holdings). What do I see for eth... I see it retrace to at least 2600 - 2500 with a possibility of a climax to 2350 - 2400 (if these levels kick in, I will buy aggressively). ETH may have some steam left, maybe a bit but I am not willing to risk it as it is too overheated, we may touch 3200- 3300 before retrace, but the odds in my eyes are more in favour of 2500 right now. I am eyeing as a target 10 k and ultimately 20k, this one was just the first wave of a new primary bull market. The reversal came with a perfect double bottom reversal, the target for the pattern is 3100 which we just hit. However, indicators are overbought and we are starting to draw some bearish divergences on smaller time frames. I am waiting for a bearish candle formation for a confirmation of the pullback. I believe this pullback will come as a shock as people are overconfident right now.
Also just remember to not blindly follow the idea of different people as you should have your own strategy. Each of us has strategies in play. (e.g. I took off some profit from the table but I still have the majority of my position running 70% as I am bullish long term). Also always do a distinction between your portfolio: Long term holdings and spot wallet (play money wallet, active).
I will update when I see the confirmation.
Please feel free to comment, follow me and have some nice discussion.
We are here all to learn, TA deals with probability so let's make the best out of it.
CFcryptoTA

Comments

Love the descriptive analysis, well detailed!
Reply