Hello everyone,
Looking at the 4H time frame, I give you a set up which might take place in a realistic time frame. Before I begin, I want to give you one huge disclaimer.
***The top of the market is not yet known before the retracement.***
With that out of the way, were going to assume the top price for ETH will be 623.21. Using that, I have drawn a FIB retracement utilizing the price action from the lowest price on the momentum indicator of 497.31.
This gives us our retracement levels. With that, my idea is this:
1) There will be a retrace to the 0.382 (As there usually is in most bullish market moves.)
2) If there is a clear accumulation such as the previous move, feel free to buy a position with the 0.5 area acting as a stop loss. (Or better support area, if you find one that is.)
3) The price action according to the indicators should move accordingly, ETH up to either a double top after accumulation or a breakout to a price of $670ish.
Other Scenario: (The ideal set up)
4) ETH and market drops for a correction to the $500 area, which appeared to be support for the previous accumulation. BUY this area. (RSI should be around 40 on the 4H chart with a nice candle set up before you purchase.) Keep your stop loss tight, just below $480.
5) In the second scenario, price action can make a higher move into the 700s, Ideally $750.
6) If the price action fails to a stop loss, It might continue to fall again, and who knows where it will stop.
Last but not least, what I write here is NOT financial advice, with any market trade you assume 100% of the risk and at the same time 100% of the reward. Do your own research before buying anything!
-May BTC reach Mars before Elon Musk
Looking at the 4H time frame, I give you a set up which might take place in a realistic time frame. Before I begin, I want to give you one huge disclaimer.
***The top of the market is not yet known before the retracement.***
With that out of the way, were going to assume the top price for ETH will be 623.21. Using that, I have drawn a FIB retracement utilizing the price action from the lowest price on the momentum indicator of 497.31.
This gives us our retracement levels. With that, my idea is this:
1) There will be a retrace to the 0.382 (As there usually is in most bullish market moves.)
2) If there is a clear accumulation such as the previous move, feel free to buy a position with the 0.5 area acting as a stop loss. (Or better support area, if you find one that is.)
3) The price action according to the indicators should move accordingly, ETH up to either a double top after accumulation or a breakout to a price of $670ish.
Other Scenario: (The ideal set up)
4) ETH and market drops for a correction to the $500 area, which appeared to be support for the previous accumulation. BUY this area. (RSI should be around 40 on the 4H chart with a nice candle set up before you purchase.) Keep your stop loss tight, just below $480.
5) In the second scenario, price action can make a higher move into the 700s, Ideally $750.
6) If the price action fails to a stop loss, It might continue to fall again, and who knows where it will stop.
Last but not least, what I write here is NOT financial advice, with any market trade you assume 100% of the risk and at the same time 100% of the reward. Do your own research before buying anything!
-May BTC reach Mars before Elon Musk
Trade closed: target reached:
Not quite what I expected, it hit the target in such a fast time frame and bounced up. I guess I have some work to do in getting the timing right.
Comment:
Also not an accumulation, more of a bounce off FIB. Some more work indeed...