Ethereum trend cycle restarting
While the market had to deal with a lot of sell-offs. Purportedly because of new regulations in India, a general recovery can be seen on the exchanges where the list of greens is getting larger.
On this chart you can see that the downwards pressure has been quite strong, though decreasing since recently. But when you go further back in time, you can easily spot a growing upwards trend, so with the current trend cycling, and my own bias, have opened a long position with 75x leverage on 1620. I know there's a high risk in this, with a liquidation price on 1608 i'm most likely getting shaked out. However, it is hard to imagine Eth really going lower than 0.03 BTC right now. Generally speaking 0.03 BTC per Eth is a price that makes whales quite happy to buy some. And it will take quite some capital to push it further down 0.03 BTC, possibly triggering a panicking sell-off that might change the overall sentiment to bearish. Something really hard to imagine right now.. but actually very much possible looking at the ethbtc chart. If BTC stagnates on its current price level, we might see Eth trading below $1600 for a few days with a trading range of 0.025-0.03 btc per eth discovering.
So right now, i'm making a decision based on my gut feels combined with some bullish indications very early in this hesitating market.
On this chart you can see that the downwards pressure has been quite strong, though decreasing since recently. But when you go further back in time, you can easily spot a growing upwards trend, so with the current trend cycling, and my own bias, have opened a long position with 75x leverage on 1620. I know there's a high risk in this, with a liquidation price on 1608 i'm most likely getting shaked out. However, it is hard to imagine Eth really going lower than 0.03 BTC right now. Generally speaking 0.03 BTC per Eth is a price that makes whales quite happy to buy some. And it will take quite some capital to push it further down 0.03 BTC, possibly triggering a panicking sell-off that might change the overall sentiment to bearish. Something really hard to imagine right now.. but actually very much possible looking at the ethbtc chart. If BTC stagnates on its current price level, we might see Eth trading below $1600 for a few days with a trading range of 0.025-0.03 btc per eth discovering.
So right now, i'm making a decision based on my gut feels combined with some bullish indications very early in this hesitating market.
Trade closed: stop reached
Trade active:
so i opened a short on my liquidation. There's an interesting few days coming for eth trading sub 1600
