ETH IS A BEAST. More upside potential?!
Updated
What a move on ETH! If you have been following me from the beginning you know I have been martingaling (if you don't know what that is, please look it up) in all my positions. Where ETH sits right now at this $460 area is about my break even point.
So, what to do from here? A couple observations:
On the daily time frame:
1. MACD is looking good.
2. RSI is also looking good.
In General as we zoom in per my chart.
1. We have busted out of this channel and made an even higher high, which is very good.
2. We are hitting one of these trendlines that has been strong resistance in the past.
Support Zone and entry move to the upside.
If you are looking to enter, This 440-450 area should provide a lot of support for a move to the upside. Bear in mind, this is assuming that we break this trendline to the upside as well. If we move sideways without only minor pullbacks to this 440 area this should support a case for a further move to the upside. I will be watching this 440 area carefully to see what it does here. If we break this 440 area to the downside with confirmation, a further move down could be in the cards, but hard to say if it will rocket down like it did last time from here. If it does move up, expect it to go to the 550-575 area. I will be monitoring it closely.
Happy Trading,
-Sherem
Calling the move up:
Calling the bottom:
So, what to do from here? A couple observations:
On the daily time frame:
1. MACD is looking good.
2. RSI is also looking good.
In General as we zoom in per my chart.
1. We have busted out of this channel and made an even higher high, which is very good.
2. We are hitting one of these trendlines that has been strong resistance in the past.
Support Zone and entry move to the upside.
If you are looking to enter, This 440-450 area should provide a lot of support for a move to the upside. Bear in mind, this is assuming that we break this trendline to the upside as well. If we move sideways without only minor pullbacks to this 440 area this should support a case for a further move to the upside. I will be watching this 440 area carefully to see what it does here. If we break this 440 area to the downside with confirmation, a further move down could be in the cards, but hard to say if it will rocket down like it did last time from here. If it does move up, expect it to go to the 550-575 area. I will be monitoring it closely.
Happy Trading,
-Sherem
Calling the move up:
Calling the bottom:
Note
Oh, and please smash that like button if this has helped you out. Appreciate it.Note
Same as on btc, we could be forming a bull flag here and it might be early to post. But if you are looking for a fresh-entry this could be good depending on what wedo here! Note
I have been in this ETH trade for a while and we are in profit right now. Putting a stop just below 495 to protect those profits. Still have the same 550 area on the upside as a target. We should find support just above the $500 area if we are going to continue up near term.Note
We have been stalling out at this 520 area for a while now. Here is a brief update. On the larger time frames we still look really good, however on the smaller time frames we could start a pull back before moving up further. We are sitting at this up trendline and MACD is crossing down on the smaller time frames and it kinda looks like a mini head and shoulder, or bull flag? Hard to tell right now. Luckily, we are profitable. So you can bank on it going higher and hodl. Move your stop up. Take some or all your profit. Lot of options, which is great. That's what we want. Personally, I will be moving my stop up and keeping it very tight just below 509. The reasoning is I have been in this for a while, I can take a nice profit and I can reset my martingale positions and re-enter the market at another time.
Best of luck,
Trade closed: target reached
Stop hit. out with plenty of profit. If you are stressing whether or not you should be in a trade, either set a stop and walk away to let your profits run or get out. Not worth stressing over especially if you are profitable. Let the market dictate what happens and accept it. There will be plenty of opportunities next week, I will post them as I see them. Enjoy the weekend everyone.
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.