Ethereum (ETH) We are dollars from the top. Up 14% in 3 days.
Updated
I am currently up 3% on my Ethereum long from 215. I have tried my luck shorting the pump on an alternate account but got stopped out. If I held my short I would have been in profit, but it is important to manage your risk correctly or you will not succeed over time.
It looks like we may retrace to 220, which would be a good place to long. If we do not hold, don't worry. 220 holding would be the most bullish scenario. The more likely scenario would be a retest of 217 or possibly even lower. Either way if Bitcoin climbs to 6900, I expect a 232+ Ethereum.
Therefore, we may hold the previous long from 215. I am hesitant to give a entry and a stop price because the candlesticks have not yet developed very much, but I can confidently say there is a strong chance of being in profit if you hold your long to 232.
Once again shorting allows for a better trade with low risk. Resistance starts from 225, so we can scalp 2%+ shorting above there with a stop 227.60. You may make an alternate account to do small trades and leave your original trade untouched.
Short:
225+ (make sure Ether does not break 227.60, or close above 225)
Take profit:
220
217
The way I do this is by setting some short limit orders with a reduce only stop loss right above. This way I risk almost nothing and have a potential of making 2%. So far I have done this 3 times successfully in the previous range, only getting stopped out once, losing me 0.68%, while I have made around 2% each time my short went through taking profit near 207.5.
This trade can be repeated many times as long as we begin to consolidate in this area. My last chart is still active. Feel free to view it.
However, I want to emphasize that a dump will wipe out all the gains from a long in one day, so going long is infinitely more risky than shorting in this market. In fact, if you just hold your shorts, you basically have a 100% chance of making profit as long as you do not get liquidated.
Thanks for viewing! I put a lot of work into some of these charts (this one took 40 min) & I greatly appreciate every single like.
It looks like we may retrace to 220, which would be a good place to long. If we do not hold, don't worry. 220 holding would be the most bullish scenario. The more likely scenario would be a retest of 217 or possibly even lower. Either way if Bitcoin climbs to 6900, I expect a 232+ Ethereum.
Therefore, we may hold the previous long from 215. I am hesitant to give a entry and a stop price because the candlesticks have not yet developed very much, but I can confidently say there is a strong chance of being in profit if you hold your long to 232.
Once again shorting allows for a better trade with low risk. Resistance starts from 225, so we can scalp 2%+ shorting above there with a stop 227.60. You may make an alternate account to do small trades and leave your original trade untouched.
Short:
225+ (make sure Ether does not break 227.60, or close above 225)
Take profit:
220
217
The way I do this is by setting some short limit orders with a reduce only stop loss right above. This way I risk almost nothing and have a potential of making 2%. So far I have done this 3 times successfully in the previous range, only getting stopped out once, losing me 0.68%, while I have made around 2% each time my short went through taking profit near 207.5.
This trade can be repeated many times as long as we begin to consolidate in this area. My last chart is still active. Feel free to view it.
However, I want to emphasize that a dump will wipe out all the gains from a long in one day, so going long is infinitely more risky than shorting in this market. In fact, if you just hold your shorts, you basically have a 100% chance of making profit as long as you do not get liquidated.
Thanks for viewing! I put a lot of work into some of these charts (this one took 40 min) & I greatly appreciate every single like.
Note
My other altcoin trades are doing well. I am currently up 5% on my Tron long, the chart can be found in the related ideas.Note
3.3 Risk/Reward ratio assuming we begin consolidation here, which is possible as Bitcoin is now testing 6600 resistance.
Note
Here is the last plan. This would have netted 8%+ while the pump would have caused only a 1% loss.
Note
This is the current plan. So far we have not established anything yet and in the end this consolidation could not be very long before breaking up or down, but we are prepared to make money from this.
Trade closed: target reached
Original long target hit. Wait for BTC 6900 then short Ether. 236 240 should be the max.
Note
I believe we will get one more push up but it is not wise to long when BTC is 200 from it's top. An hour can wipe out the gains from a week.Be patient.
Note
Ether is currently in bull flag. Will push up if BTC holds.Note
We will correct to 240 in the most bullish scenario.Note
The correction to 240 happened. Now Ethereum will decide if it will consolidate.
Note
I strongly believe if you are in a low leverage short right now, you may just hold it and soon you will be in profit (within the next 7 days).If you shorted Ethereum 284 during the last BTC rally, you would have shorted the local bottom, but now a 284 short is 15% in profit.
If you do not wish to scalp, just hold a 230-260 short and soon when Eth tests 150 you will be happy with the result.
Note
Looks like a push up.
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