ETHUSD - Long triggered with bullish pinbar at support
Updated
TL:DR - Long after the formation of a bullish pin bar off of predicted support at $450. Stop loss at $447. If price gets to $381-$400 I am all in.
This is the ETHUSD chart with 1 day candles. The broader symmetrical triangle that has been on my charts for months remains intact. After price consolidating for 7 days it finally made a decision and broke bearish. My long at $612 on a potential inverse H&S got stopped out and I have since been waiting for another opportunity to get in. Numerous chartists, myself included, have $450 as a target for support. After this $381, the low from early April, would be the next target setting up a potential double bottom reversal.
At the moment, and especially if you look at the 12h or 6h time frame, Ethereum has put up a bullish pin bar and bounced right off the predicted support around $447 (technically $450 but charting is very imprecise). I am going long with 3/4 of the cash I have been holding onto for trading. A stop loss at $447 will be placed and if broken I will go 100% long as we approach the $381-400 support.
This is my busy week at work so I won't be able to update much.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the ETHUSD chart with 1 day candles. The broader symmetrical triangle that has been on my charts for months remains intact. After price consolidating for 7 days it finally made a decision and broke bearish. My long at $612 on a potential inverse H&S got stopped out and I have since been waiting for another opportunity to get in. Numerous chartists, myself included, have $450 as a target for support. After this $381, the low from early April, would be the next target setting up a potential double bottom reversal.
At the moment, and especially if you look at the 12h or 6h time frame, Ethereum has put up a bullish pin bar and bounced right off the predicted support around $447 (technically $450 but charting is very imprecise). I am going long with 3/4 of the cash I have been holding onto for trading. A stop loss at $447 will be placed and if broken I will go 100% long as we approach the $381-400 support.
This is my busy week at work so I won't be able to update much.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Comment
I was sweating bullets when we dropped to $470 and thought about closing the long but I stuck with my guns and have been rewarded.Who could have predicted someone with the SEC would say on national television that Ethereum is not a security? The chart showed it, we just had to be patient for the news, like a boat sitting in windless sees. We positioned the rudder and sails appropriately and are now being rewarded by the winds of fate.
My target is $550 where I will likely close 50% of the trade. I expect this new to be a big boon to price.
Order cancelled
Price has largely shrugged off the news. I have closed the trade for only a small gain. Clearly the market needs bigger news which may be a long way away.
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