Well, this looks like a Bearish Ascending Triangle. What's troubling me is not enough data points on the base of the triangle, so this is perceived on the 4-hour timeframe.
Outlook: Well, Bearish it appears. In this crazy crypto-world up is down and down is up, nevertheless, I have formulated a strategy that appears simple enough to me.
I have located my possible entry point if we begin to explode north and a stop-loss for anyone already in the game at these levels. I am a bit disappointed with some of my ETH analysis so I am keeping this strictly to my strategy and how I might enter a position. I am already holding some I left on the table but it's not worth as much since the drop in price. If we continue to compress volatility in the triangle, I am looking for the explosive move. There is support down at the .618 Fib level. The top of the triangle is a defined bearish trend with 5-data points holding as resistance on the 4-Hr. Note, TA is correlated to time and only forward-looking a few days. I am looking to scalp 20 percent from this dog which means I would be looking for entry at around the $131.00 level as noted in the price balloon on the chart and looking to make $26.00+ on exit, putting me right on the top of the Jan 09 candle $157.00). This is a reasonable expectation, but possible? Your guess is as good as mine. We are over-extended on the retracement which in the crypto-game doesn't really mean much except, theoretically, we should be ready for a move north! DON'T HOLD YOUR BREATH. We can get an idea of the move south by taking the height of the triangle and predicting that probably suggests a strong short-term drop level (on the 4-hr) which would land ETH right on the .618 Fib line (Just a thought).
Did we already see the big move from the coming Hard-Fork? Did they blow us up and let us go already? Did I miss some news? This game will make you crazy so stick to your risk profile and don't deviate. There is a whole year to make some money swing trading this dog. We are gonna miss some and catch others, but you can't make money if you're not in the game. Set alerts, and make your trading automatic!
Good Trading,
Biff
Outlook: Well, Bearish it appears. In this crazy crypto-world up is down and down is up, nevertheless, I have formulated a strategy that appears simple enough to me.
I have located my possible entry point if we begin to explode north and a stop-loss for anyone already in the game at these levels. I am a bit disappointed with some of my ETH analysis so I am keeping this strictly to my strategy and how I might enter a position. I am already holding some I left on the table but it's not worth as much since the drop in price. If we continue to compress volatility in the triangle, I am looking for the explosive move. There is support down at the .618 Fib level. The top of the triangle is a defined bearish trend with 5-data points holding as resistance on the 4-Hr. Note, TA is correlated to time and only forward-looking a few days. I am looking to scalp 20 percent from this dog which means I would be looking for entry at around the $131.00 level as noted in the price balloon on the chart and looking to make $26.00+ on exit, putting me right on the top of the Jan 09 candle $157.00). This is a reasonable expectation, but possible? Your guess is as good as mine. We are over-extended on the retracement which in the crypto-game doesn't really mean much except, theoretically, we should be ready for a move north! DON'T HOLD YOUR BREATH. We can get an idea of the move south by taking the height of the triangle and predicting that probably suggests a strong short-term drop level (on the 4-hr) which would land ETH right on the .618 Fib line (Just a thought).
Did we already see the big move from the coming Hard-Fork? Did they blow us up and let us go already? Did I miss some news? This game will make you crazy so stick to your risk profile and don't deviate. There is a whole year to make some money swing trading this dog. We are gonna miss some and catch others, but you can't make money if you're not in the game. Set alerts, and make your trading automatic!
Good Trading,
Biff
Kommentar:
Looking to see what happens if we hit a double bottom at the ,618 FIB level -- Is there a trade here?
