Ethereum / EuroShort
Ether, get your parachutes out!
Updated
I was initially bullish after the recent action when we saw the engulfing hammer shot us back all the way to 790€.
I was expecting a decline after that, but i also saw the start of a trendline that would put us near previous support or 850-900€.
I opened a long around 680€ that i closed prematurely - around 800€ because i was still unsure about the situation and i noticed starting to form bear flag appearing on the 1h chart.
As expected, we dropped from the minor support we had established, we are now looking to go lower before any gains can be made again.
I'm perma bull on ETH because of the use case, technology and not least the amount of developers involved in Ethereum. -Developers Developers Developers- this is the key to the success of Ether which will be reflected in future price.
I will be looking to accumulate at the next stop which will be the origin of the engulfing hammer, if we can verify a double bottom there we have no other way to go but to retest 800-900€ but there is a lot of resistance there so building momentun can take some time.
My confirmation that i was looking for in my 1st published chart is now verified, we are in a bear market that could last for a while.
I will be looking to accumulate when we hit the lower end of the price which is my red line target.
I was expecting a decline after that, but i also saw the start of a trendline that would put us near previous support or 850-900€.
I opened a long around 680€ that i closed prematurely - around 800€ because i was still unsure about the situation and i noticed starting to form bear flag appearing on the 1h chart.
As expected, we dropped from the minor support we had established, we are now looking to go lower before any gains can be made again.
I'm perma bull on ETH because of the use case, technology and not least the amount of developers involved in Ethereum. -Developers Developers Developers- this is the key to the success of Ether which will be reflected in future price.
I will be looking to accumulate at the next stop which will be the origin of the engulfing hammer, if we can verify a double bottom there we have no other way to go but to retest 800-900€ but there is a lot of resistance there so building momentun can take some time.
My confirmation that i was looking for in my 1st published chart is now verified, we are in a bear market that could last for a while.
I will be looking to accumulate when we hit the lower end of the price which is my red line target.
Note
Its make or break from here, we see a weak bullish attempt to break out of the triangle, the next 1-2h candles will verify or invalidate my taget (red line).Note
I see some signs of possible reversal here, if we break out strongly I’m in for a long again. Crucial moment now.Trade closed: target reached
We broke out, I’m not convinced yet though. Waiting this out a but more.Note
Nope nope nope, target is still valid, extended wave though. :)Note
We are closing in on the target right now,This can turn into 2 possible scenarios IMO (which i will go in depth to in my next analysis. The first scenario is a strong rejection that would put us back close to lower end support where we dropped from, or we will simply slowly bleed down to the major support at 400€. The latter will definitivt provide some swing trade opportunities.
Trade closed: stop reached
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