IvanLabrie

Ethereum: Ready for a rally?

KRAKEN:ETHXBT   ETH / XBT
Price action suggests ETHXBT             might have what it takes to take off, or to be a massive failure and a short!
It needs to hit 0.0037 tomorrow to validate this emerging rally out of a very strong base, volume wise.
If it manages to do it, and stay above 0.0026, then it might be the start of a large uptrend. If not, it was a local pump and it should be shorted.
Resistance levels on chart, trade wisely around them.
There are two time at mode trend signals which have been exceeded, target wise, which means that this rally is completely over the top. In cryptoland, this usually leads to no follow through and the coin's price goes back down, but stay vigilant, price action applies the same way to it, specially if there is higher liquidity flowing into the asset, like we have now.
Anyone knows what the fundamentals are for such a take off?

Feel free to comment, I'll update it as we go.
Comment: If today closes as a hanging man and it doesn't reach the 0.0037 mark...short!
Comment: Target hit on time...margin of error, looks like we have a rally coming.
Trade active:

Market buy now, place pending buy below 0.00303, stop at 0.00273. Target 0.00333 for a partial tp, and aim higher for the rest. You can also buy the other value on chart, 0.00288.
Comment: Holding near resistance, looks rather strong. A break and close above it would be terrific for bulls.
Comment: Market buy was the smart move. Let's see the close...
Comment:
Comment: Might be a failure on the long side:

Trade active:

I'd buy here, stop at 0.00293, and aim for the white box target.
Trade closed: stop reached
Comment: Levels worked well. ETH buyers didn't have what it was required to break resistance.
Either going to rally? sitting at 97 cents atm.
Reply
See update, if-then-else.
Reply
Galvin IvanLabrie
Wheres the update? Looked at the top didn't see anything new
Reply
Galvin Galvin
I almost went long on this, but because tether took so long I didn't. Good thing I guess.
Reply
Yes, below 0.00293 we'd have bearish continuation.
Knowing these levels well, you can place an opposite order there and recover your loss from getting stopped.
I do it often.
Now we need to wait for more information, but price is holding above the highest volume node overall, so uptrend is still possible.
Reply
Excuse noobish question but is XBT the same as BTC ?
Reply
IvanLabrie afbitcoins
Yes, it's Kraken's nomenclature...go figure.
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IvanLabrie MakisMooz
Good summary of the price action. We need to break that red resistance fast.
+2 Reply
yen21 MakisMooz
Thank's for noobs
Reply
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