As we all know, ETH has had an extremely bullish over the last month with very little retracement.
However based off TA, it appears that ETH may have hit its' "short term" top.
I say this because a bearish wedge has formed at the top, and the RSI indicator is showing signs of divergence.
This could mean that at least somewhat of a correction is likely.
I say somewhat because if you look at my previous ETH chart, ETH has shown signs of weakness in the past yet it has pushed right through.
However, IF ETH breaks the bottom of the current wedge, I plan to short for a quick scalp none the less.
My first target would be the top of the Retracement Zone where I would likely take profit.
From there I would again wait for another signal, and a break in that level to short again, placing us into the "Retracement Zone."
This zone would not indicate a bear market at all, it would only be a healthy, and I believe, much needed correction for ETH.
The market will likely find a lot of support in the zone. The lower price would likely attract new investors, which could eventually lead us to new highs.
IF (big IF) we would fall into the Reversal Zone, I would close all long term investments. This would be a very dangerous move on ETH's behalf, as it would likely entice panic throughout the market.
I do not expect this to happen at all, just informing you all of the possibilities.
Summary:
Even though the market remains extremely Bullish, it is still due for a healthy correction.
Therefore, IF ETH starts a retracement, I suspect it to be minor with a final target no lower than $355; until noted otherwise.
IF ETH fails to break the wedge, and the market remains full Bull, we will likely test the previous high, along side the top trendline.
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
However based off TA, it appears that ETH may have hit its' "short term" top.
I say this because a bearish wedge has formed at the top, and the RSI indicator is showing signs of divergence.
This could mean that at least somewhat of a correction is likely.
I say somewhat because if you look at my previous ETH chart, ETH has shown signs of weakness in the past yet it has pushed right through.
However, IF ETH breaks the bottom of the current wedge, I plan to short for a quick scalp none the less.
My first target would be the top of the Retracement Zone where I would likely take profit.
From there I would again wait for another signal, and a break in that level to short again, placing us into the "Retracement Zone."
This zone would not indicate a bear market at all, it would only be a healthy, and I believe, much needed correction for ETH.
The market will likely find a lot of support in the zone. The lower price would likely attract new investors, which could eventually lead us to new highs.
IF (big IF) we would fall into the Reversal Zone, I would close all long term investments. This would be a very dangerous move on ETH's behalf, as it would likely entice panic throughout the market.
I do not expect this to happen at all, just informing you all of the possibilities.
Summary:
Even though the market remains extremely Bullish, it is still due for a healthy correction.
Therefore, IF ETH starts a retracement, I suspect it to be minor with a final target no lower than $355; until noted otherwise.
IF ETH fails to break the wedge, and the market remains full Bull, we will likely test the previous high, along side the top trendline.
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Trade active:
Sorry for the late update, I hope you all got in at decent levels!
As you can see, we have broken and closed into the reversal zone, so long term continuation is likely.
Bellow I show another wedge is forming on the 15min, so IF we break out the bottom, my next target would be the .382 fib level. I will remain bear, until we have solid signs of a price reversal.
As you can see, we have broken and closed into the reversal zone, so long term continuation is likely.
Bellow I show another wedge is forming on the 15min, so IF we break out the bottom, my next target would be the .382 fib level. I will remain bear, until we have solid signs of a price reversal.
Comment:
Short Term Long Opportunity
As you can see ETH is repeatedly testing the top of the Danger Zone.
If this support fails, we will likely see a further retracement to the lower 200's.
However, I am not expecting ETH to break this level quite yet.
IF ETH breaks above the blue dashed line, I will place a long order with a target range of 315-340. If it fails I will NOT place a short order. I will wait again, for a clear signal.
note: there are no long term signs of reversal yet; this is my setup for a short term trade
As you can see ETH is repeatedly testing the top of the Danger Zone.
If this support fails, we will likely see a further retracement to the lower 200's.
However, I am not expecting ETH to break this level quite yet.
IF ETH breaks above the blue dashed line, I will place a long order with a target range of 315-340. If it fails I will NOT place a short order. I will wait again, for a clear signal.
Trade active:
A Bearish Bat has formed, so now I expecting lower lows.
Will likely take profit once we hit previous bottom, and look for re-entry
Will likely take profit once we hit previous bottom, and look for re-entry
Comment:
Happy Profits :)
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