ETHUSD - 4HR - $650-$670 target
The chart should explain itself, I think. I did a rather extensive analysis on ETHUSD in previous posts, estimating a good place to start a long position around around $540, with a possible bottom of wave 2 of the present degree between $500 and $450. Even though that bottom didn't come into play as deeply as I had expected (bottom was at $503), I still built up a long position in that area using small bites.
I will not be trading the waves drawn here myself, for the very simple reason that I do not like trading on too low timeframes. I'll be holding my present long position until the end of the wave 5 shown here, with a target of $650-$670. I will then reverse into a short position, riding the wave 2 of a higher degree down.
For more information regarding my previous ETHUSD analysis, I'd like to refer to this:
I'll be updating the more extensive analysis later on to reflect the price action over the past weeks.
Happy trading to all! You know the drill: these are my personal thoughts and reflections, and whatever you do with these is entirely your responsibility. :-)
I will not be trading the waves drawn here myself, for the very simple reason that I do not like trading on too low timeframes. I'll be holding my present long position until the end of the wave 5 shown here, with a target of $650-$670. I will then reverse into a short position, riding the wave 2 of a higher degree down.
For more information regarding my previous ETHUSD analysis, I'd like to refer to this:
I'll be updating the more extensive analysis later on to reflect the price action over the past weeks.
Happy trading to all! You know the drill: these are my personal thoughts and reflections, and whatever you do with these is entirely your responsibility. :-)
Related publications
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.