Good morning everyone. It would appear ETH is completing it's 3rd wave. We should see a retracement start by tonight.
I will be laddering out of my long position and be looking for a short entry between 650-670, with a buy target between 575-595.
It would appear we are seeing an ABCDE triangle that has gone impulsive. There is a possibility that this is the 5th wave and not the 3rd and we could see a major correction toward the 512 area. But that scenario seems less likely to me considering the structure. Keeping this in mind I will be monitoring the size of the ABC structure that forms off the 670 area. I will update as a clearer picture presents itself.
Thanks for taking a look, as always these are my ideas for my trades and not be used as advice for your trades.
I will be laddering out of my long position and be looking for a short entry between 650-670, with a buy target between 575-595.
It would appear we are seeing an ABCDE triangle that has gone impulsive. There is a possibility that this is the 5th wave and not the 3rd and we could see a major correction toward the 512 area. But that scenario seems less likely to me considering the structure. Keeping this in mind I will be monitoring the size of the ABC structure that forms off the 670 area. I will update as a clearer picture presents itself.
Thanks for taking a look, as always these are my ideas for my trades and not be used as advice for your trades.
Note
should see a push up here shortly. Looking like an ending 5th wave diagonal.
Note
RSI is buried correction imminent, Long Exited, Entered first partial short at 671. We'll see how it reacts off this wave if we see a strong push down then that is the top. But if we see a small consolidation to the 658 area then we should see further upside and I will exit my short for a 2% gain and look to re-enter at high prices.
Note
Looking like there is a little more upside. Have to see what develops but I would be surprised to see it break above 700Note
Looks like we are topping or close to it. Starting to ladder in my shorts, looking for a min. correction toward 680 level min. Then we'll see if there is any gas left in the tank for ETH or if it's time to head lower to refill. It's already gone farther than I thought it might.
Note
We are seeing corrections across the board with BCH leading the way. I'm in a short position from the 710 level and looking for an A wave target of 647. We should see a decent bounce from that level into a B wave and I plan on playing it long and then flipping short into a C wave down. That may change but my count looks decent and we should see a C wave retracement toward the 600-625 level. One thing I will be keeping in the back of my head is that we could still be in a bear market and the we may have just retraced the C wave down but it's not likely just something we need to keep in mind.
Note
647 support didn't hold over night. It would appear ETH has completed it's A wave and looks like BTC is currently finding support and finishing it's A wave. I would expect a move up from this area and have filled long positions from 620-611. I'm targeting 660 for an exit on what should be a B wave and then we'll wait to see how the C wave develops, but it could possibly push down toward the 500 level considering the size of the A wave.
Note
A wave about to complete should see a B terminate around the 610 level. Exited my long position at 636 for a 3.4% profit. That's why I ladder in my buy orders ended up adding at 601 too my other two orders that gave me an overall total of 35% position size. Unfortunately price on Kraken 594 didn't reach the lows of coinbase 578 was hoping to add to my position lower. May look to enter the C wave up with a target of 650-660 and then we should see a turn down toward 500 we'll see how this C wave develops.
Note
Waiting for final push down should hit between 607 and 613. I'm short in a small position from 647 targeting 615.
Note
Moment of truth here. Lets see if my count is right. There is a chance although small that we could go up toward the 750 range. I have re-entered my long position at 613 & 606. With the profits from last night and today's trades I'm up over 14% in 24 hrs so I'm okay with a break even or slightly profitable trade here so I'm going to wait for a higher low to form, thinking it should be in the 610-613 area, and i'm going to place a stop below that low and see where this goes over night. My main concern is Bitcoin setting a new low in it's B wave, makes it probable that we see 512 for ETH. May change my mind after a little sleep. Hoping you all had a great day of trading. Weeks like this don't happen all the time so I'm grateful when they do. Prosperous trading everyone.
Note
Break incoming. My guess would be a move lower but would have to wait for conformation. Still in my long position but will exit if this triangle breaks down and enter a short. Still a possibility that this breaks up into a 3rd wave of 5 and heads toward 750.
Note
Alright we broke to the upside. Good week getting better. This is my bullish count so we'll see if ETH can make that 750 target. Moving a stop up to 627 well within profit and if I get stopped out then ETH is not bullish. Caution still needed until we can see this third wave set a higher low and higher high if that happens then up we go.
Note
ETH not looking strong enough to make a large move. Potential for downside feels great than upside potential. Exited my trade at 654 for an 8% profit no need to get greedy at this point. Not enough information to enter a short at this time as we may see more upside potential.
Note
Looking for a drop to min. of 654. Entered short a 681. I will wait for an exit once we see a reversal. The potential exist that ETH has just completed an ABC correction and there will be a big drop incoming. I will be playing it as the market tells me and if we see a strong bounce off 654 will re enter long targeting 712.
Note
Exited my short at 648 5% profit. This push down should end soon I'm thinking maybe as low as 642, RSI on 15 min already in the low 20's. As you can see we have violated the wave 1 high so one of two things can happen. Either this is an ending 5th wave diagonal and we see a push up toward the trend line I have drawn on the chart most likely a double top at 714 or we see a minor correction up and continue down toward 512. I'm leaning toward ending diagonal but will not be taking a long position. Either way for the next few days I will have a bearish view on the market and it should be highly profitable to short this market.
Note
Nothing I love more than clarity. We just saw a 5 wave structure come off a now obvious B wave. last question is that the complete C wave or just the first wave of the C wave. Makes things simple from this point a break above 680 sends ETH up into a 5th wave target 750-790. A break below 638 and the Fib extensions are showing a target of 560-540 that also coincides with a strong support zone. Now all we do is wait and see what kind of structure forms in this zone.
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.
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.