ETH-USD Descending Triangle - Short
Updated
Currently in this trade. Shorting to $211-$212 then backing out and watching from there.
ETH bounced off both the upper bound of the descending triangle and the 38% on the fib retracement. I see very strong potential for ETH to continue down to the 50% on the fib and then we will see if it can come back or not.
Stay tuned.
ETH bounced off both the upper bound of the descending triangle and the 38% on the fib retracement. I see very strong potential for ETH to continue down to the 50% on the fib and then we will see if it can come back or not.
Stay tuned.
Trade closed manually
A couple of notes and updates to this idea. First off, I have already closed this trade. My entry point was already higher than the price point when I published. This was one of my more hastily posted trades as I was already actively trading and wanted to make sure I could publish in time to hopefully give others the chance to capitalize on what I was seeing. My entry point on this short was right off of the bounce on the 38% point on the fib retracement. I layered my entries from $220-$218. Because of my higher entry points, the movements into the $214-215 territory were a good 2.5% movement. Given that I am trading ETH on high leverage (35x for this particular trade) I was satisfied with my 85% gain and decided to close the majority of the position and leave limit sell orders in place.
Even more of my sell orders filled overnight (the derivatives continued below the actual trading range of ETH) which means my position was fully closed out at pretty nice levels.
I still believe we could see ETH go further to the $212 territory referenced originally, but I was more than happy with my return and decided to take everything off the table.
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