ETHUSD - short squeeze?
Updated
Crypto is on fire thanks to short positions getting liquidated. Over the previous 6 months nearly every time ETH breaks out on volume there is a move to at least 30%. Price broke the $170 resistance level with ease and decent volume. And to this point in time volume and price action are all very bullish. So I would expect price to get to at least $180 and then perhaps $200.
My general trading rule is to always have 2 to 1 risk reward. I will only adjust this rule under the following two circumstances:
1. As soon as i get into the trade it starts to go against me, then i will cut my loses quickly. (low of entry bar)
2. If price quickly hits my first target then i will cover half and trail the rest looking for volume spikes and reversal candles.
In ETH situation, I am comfortable with staying long until I see some signs of weakness. It would be a great to see volume to continue to slowly increase and stochastic to become embedded.
My general trading rule is to always have 2 to 1 risk reward. I will only adjust this rule under the following two circumstances:
1. As soon as i get into the trade it starts to go against me, then i will cut my loses quickly. (low of entry bar)
2. If price quickly hits my first target then i will cover half and trail the rest looking for volume spikes and reversal candles.
In ETH situation, I am comfortable with staying long until I see some signs of weakness. It would be a great to see volume to continue to slowly increase and stochastic to become embedded.
Note
ETH definitely showing some weakness compared to BTC and LTC. Kind of worrisome. Hopefully price can get above $170.
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