Short

ETH, triangle or ABC?

Updated

Hi guys, although this is getting boring, at the same time the price has printed the way that we are going to follow soon, so you can be quiet just by placing yourself correctly in the market. Many think that we are leaving the bear territory and mooning just because alts did a very good performance in the last couple of months, but how many time have we seen it? Don´t play fundamentals, it doesn´t work well on cryptos, at least not until we have a massive adoption of Bitcoin.

In order to have an impulsive wave from 15 December, we shouldn´t have such corrections almost hitting 78.6 fibo retrace. When that happens, there is only 2 things that can play out, a big ABC correction or a triangle correction. We don´t know yet wether is one thing or the other until a whale come and move the market again. That will happen most probably on Monday/Tuesday, since I expect a boring weekend, so once the whale move the price just a bit we will know what´s next.

Then, what you should do now? If you see my charts, either we finish a big C and we go to around $170-180 territory or we go down from now, so the most practical thing to do is entering short 50% here and place a few orders completing another 50% from 170 to 180. When I mean 50% is not 50% of your capital, is 50% of what you trade for 1 position, let´s say if you trade 5% your capital in 1 position, place 2.5% here and 2.5% divided between 170 and 180.

I will update frequently this idea since after this correction up we may start to see a huge market decline bringing us to new yearly lows.

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There is also another chance here, we could be making a flat ABC correction making just a double top. You don´t see this kind of correction that often, but it is also possible.

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The price is printing an ascending triangle which normally is a continuation of the uptrend, however sometimes this triangles fails. As I said, the decision now is in the hands of any whale, so 50% we make another wave up completing 5 impulsive waves which defines a big ABC or we go down from this level which will make another abc down within the triangle.

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So the pump started :) Placing short orders between 170-180 is a good idea. Just now we are at 160 making sub-wave 3, let´s see how high it goes, so we can determine where sub-wave 5 could go.

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Ok so I´m short since 151.5 and I opened another short at 170. I have my last order at 180, that will give me a good average entry.

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As forecasted, this is an ABC. I´m positive 3%

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Closed my short at 143 with 12% profit. I think now will make a correction up, so I will enter again once this abc is done.

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We made the last 5th wave of this first impulse. Now we should expect a correction to at least 150.

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At the time of writing the price just went up. One could go long now, as the abc have a target of around 150, but honestly I wont. We are in full bear territory again, which means just go short, never long until thing change. So an entry with 5% your capital around 150 is a very good idea.

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My orders are at 150 and 160, 5% in each one, the main target is around 115 and it could take around 10 days to get there. The question now is, if 115 will hold or not. The figure that the price printed looks like a ascending triangle, which in this case is bearish. So if this is an ascending triangle 115 will hold and it should bounce up to the top of the triangle again. But a triangle is made up of ABC´s and so far what I can count here is just impulsive waves, which makes me think that 115 won´t hold.

Anyhow, we will find more clues as the wave down get developed. For now, bears have the control again.

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I think the next dump could happen tonight, within around 4-5 hours from now. Expect another 5 impulsive waves down.

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Ok so finally the abc correction was just an small ascending triangle going to 23.6 fibo. That´s very bearish. Wave 3 looks that is activated, however and even expecting a nice drop again tonight, I will be out of this until I see a crystal clear entry.

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So the small drop we did yesterday night it was just the final wave of the first impulse. The abc up now is still in play with target around 148.

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Ok so we are now under a invert HS, if succeed initially the target is around 153. I´ll place my short at 149 tho. My next short order in case of a wick is at 157.

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The price find resistance at 144.9, it will break imo.

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Sorry I copied the same screenshot.

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Another attempt coming up. I think this time we will touch at least 38.2 fibo

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I entered with a 5% position at 143.8, I don´t trust this and I don´t want to be out of the market right now. If it goes up, I have 2 more orders of 2.5% each at different levels.

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We are in a channel. I closed my short at 140 looking to enter again at the top of it.

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Yesterday I entered short at 142, and I just closed at 140. Seems that this is not done.

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The selling pressure is gone, every hour the chance of the next strong movement going down reduces drastically. My guess is that this may go to 38.6 fibo before going down

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I´ve made a new idea based on Bitcoin, so since both currencies are making the same pattern, it will be better to see what´s going with BTC to determine where ETH is going as well.

Bitcoin, ascending triangle or impulsive wave.

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Ok guys we just made what it looks wave 3, now the price should retrace. I’m short since $159 with a 22% profit. My take profit order is at 116.

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So seems that we finally made the first impulsive wave (A of ABC or 1 of 1-5). So I recommend to close shorts. I´ll create another analysis soon.

Coinamic

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