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Today, I cashed out my position at 824, after the 2nd rejection at 850 (3rd if you count the quick burst to 864) and bought back in at 764 for a decent ETH gain. Over all I'm super bullish on ETH this year, so my current strategy is to sell at resistance then buy back at support.
Right now there are 2 scenarios I'm willing to swing trade on.
Is a double bottom reversal forming? What are your thoughts?
I'm setting up to buy in the two blue zones:
The MACD shows that we are in Elliott Wave 5
RSI eventually has to return to the 60 level:
Stoch eventually has to return to over sold levels:
I'm new to ...
Figuring out where we are can help us better understand where we are going.
Right now I've mapped out 2 possible scenarios:
1. Red Line - Shows we are ending Elliott wave 5 and the ABC correction wave is coming
2. Green Line - Shows we are mid way through Elliott wave 3 and we have a long way to go
What are your thoughts and why?
Here is a zoomed in image ...
There is a possible head and shoulders pattern forming for ETH. We should know within the next hour.
That or it could make its way to the top of the channel for an $1150 all time high...
Let me know your thoughts!
45min MACD just crossed
Descending triangle formed (3rd lower high visible)
RSI forming lower lows
Sold at 932.50
Target buy $910-$890
I know everyone is super bullish right now so I'm not sure if anyone is open to hearing this... but, it looks like we're in the middle of wave 5 with a target of around $1150. After that, we might be looking at revisiting the long term support formed in the previous ascending triangle (yellow line).
History shows that ETH tested the $400 level then returned to ...
I'm new at this but... If history repeats itself, we could be revisiting the long-term trend line before the next move up. I'm looking for feedback on my analysis. Please comment with your input below. Thanks!