Analysis on chart. There's one day left for this uptrend, the activity in the top reeks of profit taking, and the enviroment is that of a topping formation, with people getting very emotional and hyped about it, and complacent, and 'happy' with its progress.
Time at mode weekly setup time runs out in one day, at least consider selling if you're a holder. Thank me later.
Cheers,
Ivan Labrie. Time at Mode FX
PS: Contact me privately for consultation, mentoring or trading signals. See my profile for details.
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Watch for 0.0387...if not hit in 3 days, it might further confirm the retracement or reversal idea.
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Time's up, and pullback. Now, let's see how the day closes, and how it moves in the coming days.
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The retracement has been contained for now, this is a considerably bullish bar if it closes like this. I'd still look into getting out of longs if in.
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We can take the short now, stop loss can be fairly tight.
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New daily high doesn't look too good, but overall we could see continuation down. I'm not in any position for now.
Trade ist aktiv
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Very nice progress with our shorts.
Trade wurde manuell geschlossen
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Out of shorts for the time being.
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Support breaking down, we might see lower prices.
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Shorted 0.03, sl 0.035, covered 0.02274.
We might see new highs considering the recent price action.
See Tim West's publication on this subject for more information. This setup was more of a warning for longs to book some profit before a fall.
Clearly the sentiment extreme and the technical setup were correctly diagnosed.
Cheers to everyone who sold and shorted...and even more to those who flipped long at our exit!
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I wouldn't be surprised if we break the high here...one day after my post, within 2 months.
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herkuljee
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Ivan, are you still short?
altcoins_trading
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it needs to go to 0.0335 again before going more down imo
CryptoAddict77
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Are you saying it will retrace all the way back to 0.002?
There will be a correction for sure, but I don't think it will dip bellow 0.01
IvanLabrie
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The distance is not proven yet...only a possibility, after the time of the rally matches the forecasted duration.
The blue boxes are strong support levels, that can hold and defend price if bulls are still strong. If they are taken out, we can be sure of weakness in it.
The horizontal lines and smaller boxes, those are also important and could serve as support, but not as significant.
You can see examples of this timing method below:
(note the red vertical line...time runs out and it's when the downtrend accelerates)
After the last day, price went down.
After downtrend time ran out, price went up:
This would be akin to falling back to 0.002 (after target hit, back to the horizontal level where the uptrend started)
CryptoAddict77
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Nice charts, how much time based on current chart until the trend reverses?
I shorted early I guess at 0.0353
IvanLabrie
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Well, we could see it starting today, after the week closes.
It's a possible scenario, which carries higher than 55% odds. Just a heads up for people holding ETH, you might want to be careful and look for an exit.
That's my goal with it. I see a lot of people are too confident in it, which makes me suspect this is the top or very close.
CryptoAddict77
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Agreed on the confidence level. It's always the top when everyone is bullish :-)
Thanks Ivan
IvanLabrie
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Welcome!
Have a nice week :)
zeroToEdge
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now peaked temporally at 0.3690. I guess we could be near the top.
Tomorrow Monday, in 12 hours or so..., ETH will be available at Bitfinex exchange, so it's difficult to know how ETH price will respond to this. I will keep an eye on 0.0387 level
IvanLabrie
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The most important thing is timing though, and the probability of a large retracement is valid.
We'll know soon enough.
The idea is to be careful if holding and plan an exit, and don't get complacent up here.