Ethereum: Ready for a rally?
Updated
Price action suggests ETHXBT might have what it takes to take off, or to be a massive failure and a short!
It needs to hit 0.0037 tomorrow to validate this emerging rally out of a very strong base, volume wise.
If it manages to do it, and stay above 0.0026, then it might be the start of a large uptrend. If not, it was a local pump and it should be shorted.
Resistance levels on chart, trade wisely around them.
There are two time at mode trend signals which have been exceeded, target wise, which means that this rally is completely over the top. In cryptoland, this usually leads to no follow through and the coin's price goes back down, but stay vigilant, price action applies the same way to it, specially if there is higher liquidity flowing into the asset, like we have now.
Anyone knows what the fundamentals are for such a take off?
Feel free to comment, I'll update it as we go.
It needs to hit 0.0037 tomorrow to validate this emerging rally out of a very strong base, volume wise.
If it manages to do it, and stay above 0.0026, then it might be the start of a large uptrend. If not, it was a local pump and it should be shorted.
Resistance levels on chart, trade wisely around them.
There are two time at mode trend signals which have been exceeded, target wise, which means that this rally is completely over the top. In cryptoland, this usually leads to no follow through and the coin's price goes back down, but stay vigilant, price action applies the same way to it, specially if there is higher liquidity flowing into the asset, like we have now.
Anyone knows what the fundamentals are for such a take off?
Feel free to comment, I'll update it as we go.
Note
If today closes as a hanging man and it doesn't reach the 0.0037 mark...short!Note
Target hit on time...margin of error, looks like we have a rally coming.Trade active
Market buy now, place pending buy below 0.00303, stop at 0.00273. Target 0.00333 for a partial tp, and aim higher for the rest. You can also buy the other value on chart, 0.00288.
Note
Holding near resistance, looks rather strong. A break and close above it would be terrific for bulls.Note
Market buy was the smart move. Let's see the close...Note
Note
Might be a failure on the long side: Trade active
I'd buy here, stop at 0.00293, and aim for the white box target.
Trade closed: stop reached
Note
Levels worked well. ETH buyers didn't have what it was required to break resistance.
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