Earlier today i published an idea and if followed you would have been stopped out. However based on the current chart even though it has fallen back to the range i described 1320-1340, the large red volume spike to me indicates a probable reversal to the upside. That said the fact that it nearly collapsed earlier today before a powerful rally to the upside to me demonstrates weakness. So now the new plan i have is to long until the next large green volume spike and at that point i will be switching to a short position once more. I anticipate eth rallying at least back to 1360+ before this occurs. If it rallies to 1400 that will be the most ideal for a short as it should be very strong resistance near that level. At that point there should be enough liquidity and sellers using it to exit their positon to finally have a huge push down and break the lows that have been seen in the past week. If both trades are timed correctly this idea will be extremely profitable. Just be careful to pay attention to any obvious signals on the smaller time frames. The market is in a position where it can move very quickly and burn you if you are not careful. Proceed with caution.
