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.