Ethereum / EuroLong
Possible first long signal for ETH !
Updated
Hello friends!
We have a interesting chart in ETH right now, and i think we could make a decent trade here.
I have been sidelining the market for a while, but i was very tempted to long ETH at 150€ range which i kinda regret not doing!
But - being cautious is not a bad idea in this market. Those who did enter a trade at the bottom - congratulations for 50% profit right now :)
I have several indicators going off here that this might be a good entry point,
however I'm waiting for a correction here to the bottom of the channel and looking for a supporting doji on the 4-6h chandle.
This chart is only in 2h that's because the volume is rapidly increasing and we need to follow this closely.
Next major resistance is where my yellow line is, we have some small bumps on the road but i have confidence that we will reach it soon enough.
The imminent corrective target should be between 188 and 192 euro and this is where i would place my limit order,
i think the support at 200 will hold up for a little while, but i think bearish pressure is still here even though it's slowly fading - this is opening up for another eth bull.
After the correction we should expect a spring and another spike in volume with a wave or two up reaching to my target of 250€.
After that rally, I'm expecting a equally steep correction, (to the bottom of the translucent purple channel) which should be the green line in such event.
So i will take profit between 230-240€ and close my position and await another entry point.
We need to remind ourselfs that the overall market condition is still quite shaky, for that reason I will not stay in my position to long and get greedy.
We are still treading in a uncertain market condition but the outlook is getting better.
The key points here is that we have broken out of some strong resistance levels with convincing volume,
as you can see by the green volume bars increasing steadily, as well as the lack of bearish (red volume bars) pressure at the moment.
I'm around 70% certain that the market has met it's bottom here, the only thing that would make me reconsider is if i see a retracement to .382 (see fib retracements on the right side)
Good luck
We have a interesting chart in ETH right now, and i think we could make a decent trade here.
I have been sidelining the market for a while, but i was very tempted to long ETH at 150€ range which i kinda regret not doing!
But - being cautious is not a bad idea in this market. Those who did enter a trade at the bottom - congratulations for 50% profit right now :)
I have several indicators going off here that this might be a good entry point,
however I'm waiting for a correction here to the bottom of the channel and looking for a supporting doji on the 4-6h chandle.
This chart is only in 2h that's because the volume is rapidly increasing and we need to follow this closely.
Next major resistance is where my yellow line is, we have some small bumps on the road but i have confidence that we will reach it soon enough.
The imminent corrective target should be between 188 and 192 euro and this is where i would place my limit order,
i think the support at 200 will hold up for a little while, but i think bearish pressure is still here even though it's slowly fading - this is opening up for another eth bull.
After the correction we should expect a spring and another spike in volume with a wave or two up reaching to my target of 250€.
After that rally, I'm expecting a equally steep correction, (to the bottom of the translucent purple channel) which should be the green line in such event.
So i will take profit between 230-240€ and close my position and await another entry point.
We need to remind ourselfs that the overall market condition is still quite shaky, for that reason I will not stay in my position to long and get greedy.
We are still treading in a uncertain market condition but the outlook is getting better.
The key points here is that we have broken out of some strong resistance levels with convincing volume,
as you can see by the green volume bars increasing steadily, as well as the lack of bearish (red volume bars) pressure at the moment.
I'm around 70% certain that the market has met it's bottom here, the only thing that would make me reconsider is if i see a retracement to .382 (see fib retracements on the right side)
Good luck
Note
Following My projection perfectly thus far (Green Line on chart)Trade active
Buying eth 100÷ position laddered between 192€ and 188€Note
If price gets rejected from further decline here we should consider moving up our buying position.Note
Following the plan \o/, 200 didnt hold as I expected. Watch out for buying levels now :)Note
If we reach 208 here i will open a long position, however I'm still leaning toward a steeper correctionNote
We want to see this rejection att fib retracement 786 so we can buy at our target. Looks like this candle will close right below it (Good for us). Chart still following my plan :)Note
This should be the bear flag that takes us to our buy target.It fits perfectly so let's see how much of a crystal ball this chart is.
Note
Order filled :) stop loss 180.Note
Gogogo eth now show me gainsNote
I pulled my SL down a bit to 175. Last chance.Note
Might retrace to .382 (172) but I'm not taking any bigger risk ! But we should see a bounce in that area if this rally is going to happen.Note
1D support lineVery important
Note
Big picture, if we drop below 170 this is most likely scenarioNote
We are still producing higher lows, lets see a higher high now :)!Note
If eth holds up at this support we are good to go for a rally ~ lets see what BTC does too.Note
Ascending triangle on 15 min chart. Target 200€. Expecting a continuation up from there!!Note
6h is showing a symmetrical triangle. If it breaks up from here market will go bananas.Note
Where do you think the price is headed?
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