I'm currently in a short from $4150. See my previous ETH thread for details. Now the next question is whether this is a top or a retracement. For now price needs to make a lower low LL below $3500 to really show a downtrend. If it gets there then I will consider price to be at least in a Primary wave correction.
As per Elliott Wave it is very common for a 5th wave correction to retrace back into the territory of wave 4. So if a downtrend is on then the correction could find its way back to the $2040 - $1293 range.
If price has topped however, price could go much lower. I would be targeting the 0.5 fib $595 to the 0.618 $371.
For now price is yet to pass first hurdle and I'll just watch and see how it behaves. If it could even get to the previous wave 4 that would be a very tasty short.
Shorting is very aggressive. I don't recommend it. This is as much to hopefully show some skill. Not advice.
Trade active
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Price has tested and rejected horizontal neckline of H&S, will probably carry on down from here.
Trade closed: target reached
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I'm all out here at 2K and will consider to stagger back into a short position once ETH and BTC reach resistant points.
@dRends35, Because, he bought it when it was around 3400 and he thinks crypto market moves only the way he wishes it to move. This guy is one and a half week old "trader" who can't take any opinion but his own bullish thinking. Nice TA by the way.
P.s: If you want to have fun reading his comments, just go to any short TA and he will be there for sure.
dRends35
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@fahribek, Thanks. I've made a new thread now I think its topped.
Conge
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@fahribek, How do you feel now? The dRends35 is obviously consistent at what dRends35 does.
fahribek
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@Cryptomania2363, I remember you saying that it would never touch 3500 ever again, LMAO. Keep praying. LOL.