pips2win
Long

Ethereum double top swing trade into death drop

BITFINEX:ETHUSD   Ethereum / Dollar
1. Consolidation (Push up early buyers)
2. Consolidation (Push down - buyers liquidating + sellers trying to stack position)
3. Real buyers trying to move the market higher
4. Short-term buy positions liquidated/Sellers try to push price back down
5. Sellers are exhausted and BUYING continues
6. Sellers try to push back down but now realize they are trapped.
7. Larger buy volume steps in
8. People who were in long positions since #1-3 are now booking in profits and a small amount of selling is occurring.
9. People that didn't hop on the train are hopping on now at the resistance-now-support.
10. Most swing trader's goals have been met so they start to dump their positions for a nice profit. Coincides with double-top.
11a. Potentially hard sell-off starts now.
11b             . (Alternative to 11a) Could also be a bounce up to try and break through resistance (red dotted line) but not as likely.
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