What an exciting ride it has been so far. I re-entered a long from 11344 and took profits at 12600 for a nice 100% ROE. I was afraid of a volatile wick down, so I wanted to secure the profits.
Moving forward, if the 2H support holds, I'm looking to go long upon retest. Otherwise short.
SHORT / 5x
Risk - HIGH
Entry: 142.1 and above
Targets: up to 137.1
RR of 3 - gain 17.8% or lose 5.7% of your investment
Rationale for the trade: 142.1 is a support/resistance flip line, so if ETHUSD does not maintain this line, I suspect it will test the bottom channel.
Hello, hope everyone has enjoyed their holidays!
Now let's back to the grind, shall we?
Here's what I see...
We are currently trading below the EQ of this bear flag that has been ranging the past week or so.
The entries are not ideal as I would rather enter higher but the market is overall bearish.
So let's deal with what it's offering us.
Stalking a short, rationale for set up is because of declining bullish momentum indicating a sell off may be imminent.
DISCLAIMER: I am not responsible for any losses that may incur as a result of using my trading set up, so please use caution and DYOR.
Uptrend Channel + 6210 support is holding
Can enter up to 6230
Target up to 6420
SL is 6190
*** This is not financial advice. I'm not responsible for any financial losses incurred as a result of using my trading strategy. Please exercise caution before you trade at your own risk. ***
Bitcoin recently broke the downtrend line and is bullish in the short-term. If BTC closes firmly above 7700/7750 resistance with volume, we'll have a confirmed trend reversal that will likely drive the price upwards to 8ks.
Target Price 1: 8000
Target Price 2: 8200
Stop loss: 7640
*** This is not financial advice. I'm not responsible for any...