BITFINEX:ETPUSD   ETP / Dollar
Rising wedge , declining volume , bearish divergence RSI
Small correction in need before continuing on way to test all time highs
Break to the upside of the wedge/return of bull volume would invalidate
For now aiming for touch of top of the wedge at least once then find support in dotted white line channel
Sep 28
Comment: so far the idea is valid, however the lines of the wedge aren't so accurate now but you get the idea. Volume is still dropping, BTC/Crypto in general fairly weak too which will add to the chance of ETP breaking down.

bearish divergence on 1 day is still apparent and keeps going. If we dont see a bull dive on a lower time frame like a 1 hour to signal a bounce and a re-test of top of wedge then this may well be ready to breakdown.
Sep 28
Comment: Wait for one more small bounce up, putting 1hr RSI above 50 or further then begin to ladder short with hope a full breakdown of wedge
Good eye!
Reply
@gumbyguy, thanks just hope to see one more leg up before entering a short. Im actually building a small long position now with the hope of a re-test of recent highs before going short heavily. $3.8 and above would my ideal short entry but ill ladder in with wide gaps if need be. Its so overdue a correction but these low volume coins can be very volatile, hard to use stop losses in case of wild wicks, just use mental stops.

Anyway hopefully get to short this heavily soon.
Reply
gumbyguy Penghunter
@Penghunter, Interesting! Why do you think it's going to retest the previous 3.8 highs? 3.8 was a double top so what makes you think it will re-touch or surpass?
Reply
@gumbyguy, I just think price needs to really tighten into the wedge before making the decision to break up or down. I just expect one more leg up to then ladder in short, its too hard to short the support. the 1 day RSI actually looks like its found a support at basically the neutral zone about to turn bullish. So I think the bearish divergence may already be priced in with the recent price decline. The only thing not supporting a larger move up is the lack of volume. So although I expect another move up, it wont take much to do it at all.
At the moment my plan is to watch the 1 day RSI and hope to short heavily once it hits overbought but I will ladder in on lower time frames as well. I dont really want to be specific with 3.8 it would just make sense but its so hard to give an exact figure with so little volume as a few hundred thousand dollars could surge a wick right now.

I hope that made sense.
Reply
gumbyguy Penghunter
@Penghunter, Yes made a lotta sense!
Reply
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