Short

ETH/USD with Constantinople Taken in to Account

Updated

Can't wait to see how this plays out.

Reasons why I think these are the scenarios:

ETH/USD is in a clear cut bearish downtrend but there is three hard forks including the Constantinople upgrade of the Etherium blockchain.

Notes

ETH failed the break the trendline again and bulls look a little exhausted.
There is currently nothing to show in the TA there will be a breakout uptrend.

Constantinople

May cause a new level of support if it break the trend.
May cause more rapid sell-offs if there is a quick downtrend, some will have been buying for a while and take profit or panic sell.
May be a complete anticlimax, or the forks may even devalue and dilute Ethereum market cap
May cause amazing breakout against the trend as per the arrow above

Note

Still watching, getting interesting, MACD & Histogram heading downwards.

Trade active

Short position at around $165 on the above bounce off the pink line - hit resistance & wicked above the line.

MACD & Histogram heading down, as is volume.

Looking at a bounce down by around $5-$10 before bulls have another go at breaking (if they have another go), 3 clear attempts so far.

Trade closed: target reached

Bounce down by $5 worked well, 25% leverage taking very good profits.

Ended up a clear cut shorting situation:
- MACD peaked - heading down
- Histogram peaked - heading down
- Volume steadily heading down
- Resistance at trendline
- No signs of support between $160-$166

We're still in a similar situation - looks bearish but I'm not getting greedy & closing the bulk of the position before re-evaluating.

Results here: twitter.com/StevenSlicer/status/1081416019510358017

Note

This chart is still valid, correctly called the recent drop.

SlicerTrading

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