Short

ETH big rally coming to an end? Bearish rising wedge

Updated

ETH has made quite the rally lately and from the looks of it, seems it's ready for a correction downwards now. It has formed a rising wedge since that last rally to the 800 levels AND volume is dropping while forming it. So this makes it an ideal setup to go short here.
The target of that big triangle that was formed between 600/700 has also been reached.

With a stop around 840 and targets are those 2 green area's

Note

I am short now at 822

Note

I have closed a third of the position

Note

The move from the wedge got extended (just like BTC) but dropped eventually, almost reached it's first target. Market could go up again so to be sure i have closed a third of my position to reduce risk and lock in some profit. For the remaining position i have moved the stop to around the entry level

Note

The target of the wedge has been reached, so we could go up from here, but i think after an upwards correction we could still go down towards the next target. I have closed another small portion here, so i have 50% of my original position left now

Note

Could be seeing a move like this now, making the right shoulder for an H&S. Price should stay below that purple area. So far the bounce up is pretty weak though

Note

I think the high is reached already

Note

Neckline seems to be broken, so far perfect plan :)

Note

It's even weaker than i thought it would be. But target of the H&S was reached at 700, not going to wait for other drops. Was a really perfect plan this one, but volatility helps allot, makes things much more reliable

botje11

Also on:

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.