From my identified H&S, the break. We are going down more!! ETH
Updated
The thing to realize here is we are in a bear market. There are few reasons to say that we are at the bottom at this point.
Technically here are some major bearish indicators on the daily chart:
1. RSI is negative and no signs of divergence or bottoming
2. Overall down trend.
3. MACD has been turned down and staying negative
On the smaller time frames, things are starting to fall in line which means we will get a further push to the down side. As i am writing this, ETH is breaking this short term trend line, which would indicate a fall to at least 660 area.
At this point, I will be playing any bounces as they move down. I would look for a minor bounce at these recent lows at 660 and serious support at the 600-620 area. I will not be putting buys in at 660 as I feel the bounce off of there will be minimal. I will be looking to put buys in just above 610 and in the 600-620 area.
I have outlined what I think is the highest probability move at this point. As always, MAKE SURE YOU MARTINGALE your buys. If this thing starts running you want to be able to have options to buy in lower. Read up on the strategy if you have not already. We already made some scalps while this thing has been moving down.
Don't stress, don't use leverage and pick your points!!
-Sherem
Technically here are some major bearish indicators on the daily chart:
1. RSI is negative and no signs of divergence or bottoming
2. Overall down trend.
3. MACD has been turned down and staying negative
On the smaller time frames, things are starting to fall in line which means we will get a further push to the down side. As i am writing this, ETH is breaking this short term trend line, which would indicate a fall to at least 660 area.
At this point, I will be playing any bounces as they move down. I would look for a minor bounce at these recent lows at 660 and serious support at the 600-620 area. I will not be putting buys in at 660 as I feel the bounce off of there will be minimal. I will be looking to put buys in just above 610 and in the 600-620 area.
I have outlined what I think is the highest probability move at this point. As always, MAKE SURE YOU MARTINGALE your buys. If this thing starts running you want to be able to have options to buy in lower. Read up on the strategy if you have not already. We already made some scalps while this thing has been moving down.
Don't stress, don't use leverage and pick your points!!
-Sherem
Note
Forgot to add my previous calling- Calling the top -
Identifying the H&S -
Note
looks like my small red trend line at 654 should be closer to 680. its looking like it's going break down here soon.Trade active
1st martingale active in the 620 area. Target close out in the 680 area for a quick scalp. I do have buys laddered down to 420 in case this blows through this 600 area.
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