idontknowwhat
Short

High RW opportunity: short ETPUSD, potential double top forming

BITFINEX:ETPUSD   ETP / Dollar
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We're looking at a >6x opportunity here. A double top seems to be forming

Stop: ~$4.1
TP: ~$2.2, ~$2.7

- RSI bear div on 4hr and daily.
- MACD flipping over with bear div on 4hr, seems to be slowing on daily.
- Descending volume the whole way up
- Longs through the roof with absolutely no stopping
- Seems to be losing steam this rally

Stop loss is above double top invalidation, taking into account some resistance levels. Watch BTC also, if BTC continues to rally, it'll likely take ETP with it.

Target is at what appears to be horizonal support + potential neckline for double top completion. To be safe, I'd take profit at several support levels.

Trade safely and USE A STOP LOSS! The worst thing that can possibly happen when trading altcoins is being stuck in a nasty short! It's a surefire way to lose all of your money. Altcoins don't f*ck about when they go on a launch mission.
Sep 26
Comment: Here we go!
Nov 14
Comment: Still valid
Nov 19
Trade closed: target reached: lol
That's some really great analysis! You make good points and I've noticed some of them too.
I'm actually playing it as a margin long from right here ($3.25) as if it's a HL. There is serious short term Bull div on all the lower TFs (15m 1hr, 4hr), we're just below a trendline support, majorly under the VWAP, and arguably at the end of a 15% correction. But as you mention, the declining volume, double top, and longer term RSI bear div do worry me. My chart with my system is telling me "buy", but my head is worried and saying "get out"
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TNX!:)
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