Following the Leader.
In my opinion, BTC is king. All other crytpocurrencies following the path BTC takes, typically. While there is deviation from time to time, I feel this principal holds true. With the nice F$#@ Y$%^ wick on the hourly, which touched the TREND LINE and the 0.5FIB, I opened a SHORT at $245. Looking to take some profits around $233 (0.5FIB from swing low-high). If price breaks, I'll look for my next TP around the previous daily swing low around $217. Should price continue dropping, and subsequently if the H&S on the daily BTC charts holds true, I see price for ETH dropping significantly.
Trade active
Forgot to add, I set my SL at $244.5 ($1) below my entry. I like to add my position entry, SL, and TP to my ideas so that those that care follow what I post can hold me accountable. Win or lose I'll take responsibility for my trades.Trade active
TP 1 hit. 20% of position closed.Trade active
TP 2 hit. 10% of position closed.Trade active
TP 3 waiting at $175
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.