ETH Interesting Position

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETH is coming off a pretty good recovery run from the low 180s. It is finding the toughest resistance at the areas 225 and 228. While it is currently in a sym . triangle this should be treated with skepticism as sym . triangles are a good representation of a continuation of the underlying trend; which in this case is a overall bearish trend , while this recovery from the low 180s was nice, it is a spike and doesn't confirm a trend change. I would trade cautiously at this area. Maintaining 220+ is crucial for ETH in the upcoming days and while a dip to 197-212 area is likely with enough volume I believe that the motivation is there to test resistance at 232 and 235.
Trade active
Comment: - so far so good.
Notice rejection at the 200 MA on the 15 minute chart. However, the 12/26 MAs are curling up to face the 200 MA. This could be a good sign for a stronger close than I thought.


"trade active" .. but is it a short or a scalp long?
Thanks for the TA! Based on the recent movements, what is a good entry point?
speracado tradingnoob123
@tradingnoob123, Watch these areas 175/181/185/191/195/197/203/211/218/225/228/232/235 - Pretty obvious levels that have been made over the past week or so. I like a speculative entry around 211; however it should be treated cautiously.
@speracado, Appreciate your response! Much thanks .
Can you recommend some material about trading discipline, strategy, etc? Things other than the analysis.
@dmos62, I don't recommending following any one strategy or even any one person. Rather learning the core concepts yourself and studying how they have worked retroactively and currently through application. Unfortunately, many traders and myself included can become biased towards our own strategies when you want to develop your own technique in what works for you. Again, try instead of just hoping for a cureall type of strategy - learn all of the different strategies and technical indicators and apply them yourself developing your own technique. Of course never trade with more than you can afford to lose and try to only using profits made from your trading for more speculative trades as your goal should always be to preserve your principal. I recommend taking profits early and often also, greed can get you a heavy loss and quickly. It is a much nicer thought "If only I held on for 2 more days!" than "if only I sold 2 days ago". Also beware bias in trading such as, "the last 4 times when dropping BTCUSD has bounced from the 200 MA, I'm going all in next time on that point". That could be the very time it breaks the trend.
dmos62 speracado
@speracado, thanks for the advice.
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