ETHUSD @ .786 - One more dip? (eyes on the crypto news)
Updated
ETHUSD is at the 0.786 retracement level, very close to the rising long term trend line and to the bottom line of the falling wedge. One more dip to 400-420 can be realistic. The price was in the exact same range between nov 24 and dec 11. If this range holds during the next few days, ETH has a good chance to break above the downtrend channel, but only when some serious and positive crypto market news coming. If it breaks below this range, than I have to erase this chart and start to find new patterns.
I'll watch the news about ASICminers, regulations and bans but the most important is about the crypto ETFs. I am also watching tech equity market news how crypto market reacts to the retracement of this sector.
Good luck!
I'll watch the news about ASICminers, regulations and bans but the most important is about the crypto ETFs. I am also watching tech equity market news how crypto market reacts to the retracement of this sector.
Good luck!
Trade active
ETHUSD went down since I published this chart, we are in the range of 400-420 now. I just opened a long at 416 w/ sl at 399. I hope it will not go deeper than 403-405.Positive scenario: If this range holds I will buy more in the next couple of days with the same SL and the target zone could be somewhere at 540-550 or I will target the fib level at 660-670. I will try to calculate the precise range when it breaks above the falling wedge.
Negative scenario: If it breaks down below the rising trendline, then I have no idea where the bottom can be or where the next support zone is. In that case I have to rethink how this market fundamentally works.
Good luck!
Trade active
I opened a long again at 406 and I have analyzed the ETHUSD order book and than moved my SL from 399 to 394. 400 seems very very strong support. I travel today and I cannot check the charts (I know its a bad idea to move SL, but the current situation is very critical, I made the decision to add more risk to it, if negative scenario wins, I will get the losses back by shorting it). Be careful, if it breaks down the next stop can be much lower.
Good luck!
Trade closed: stop reached
it went lower than I predicted. I am on the way, I can rethink it and draw new chart tomorrow
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.