My trade of the day.

Massive 'W' staring in our face. Currently in a bullish pennant. Target is at 420000 Sats aligning with past resistance.

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Currently bouncing between this support and resistance. Waiting for resistance to flip into support before next leg up. That will be our entry.

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Why we need to be careful about our entry?
Every single time we were in this resistance area, what followed was major correction over the coming days and months. Will we see it yet again? I don't think so. Could we? Sure we could.

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Could ETH be overextended and we could see a correction?

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Third time's a charm?

Trade active

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We are facing a high resistance zone within a major resistance zone so expect to be spending some time here. A good time to accumulate. I am converting my entire portfolio to ETH. A 10% move from here once we are ready to pop. Might scalp this on the way to our target. Will update with setups as they unravel.

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We are ready to meet our target.

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I am taking profits before 41000 sats.

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Taking a breather before testing 40000 Sats.

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39650 sats touched. Major psychological resistance. ~40xxx Sats is the next immediate target. I will be closing my position sooner to enter another trade.

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Immediate target is 40000-40300 Sats before our target at 410xx Sats. Will re-evaluate a fresh setup after that.

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I think our next move is taking us straight to our target.

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To those taking this trade on the spot exchange with me, do not worry. This was a scam wick and we should recover swiftly.

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Updated target at ≤41500 Sats. I am expecting a correction of ~8% following that over the next 2 days.

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Expecting BTC to retrace to ~11800 which will take us to our target. Next 15-30 minutes to decide if we are breaking down here or continuing one last leg up. You may exit your trades here in good profit if you are risk averse or wait for another ~3% upside.

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Expecting ETH to test $500 and then head for a correction. Looking bullish to me but the market can always turn around and say, naah, not today.

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Exiting my positions at ≤4000 Sats.

Trade closed: target reached

drjimbeam

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drjimbeam