Short

ETP Party

Updated

Following a heavy move to the upside signaled by a RSI divergence in may time, ETP/BTC has failed to make higher highs for the last few days while the RSI strength is weakening. It could appear a change of trend is upon us.

I have cloned the previous downside and laid it over the proposed temporary top of market swing here and it looks relatively aesthetically pleasing.

short entry box drawn up with a tight stop incase of upside breakout but with bitcoins weakness i feel this is an unlikely scenario. looking at .00013500 for a close target leaving some on to capitalize from further downside to a possible .00008000

Basil

Trade active

Plan:

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Measured move taking us to the first target where a bounce could occur; likewise following the trend down analyzing supports to gauge potential profit taking and reload areas of the rally.

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ETP Holding ground strong at these levels, we saw a push just past the stop i drew on original chart but didn't get wiped out of position, holding strong here into bitcoins weakness

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Posted this call somewhat prematurely; ETP has risen up in the rising wedge finding support above it on a smaller time frame. this is why it is important to always ladder in your positions gradually if the coin or asset is trending against the way you wish to play it.

Trade active

Looking at the daily chart we have two consecutive red days forming on the tip of a rising wedge. if i was a betting man i would be saying we are nearing the end of this rally

Trade active

As predicted, fallout of rising wedge pattern. expect impulsive selling pressure due to top buyers closing at a loss with large volatility on the way down. picking an entry has to be precise, getting the top of a larger time frame candle when weakness occurs in indicators or your preferred trading strategy.

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1D Timeframe and the Olympic diving tournament is near commencing. lets go

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One thing to watch is the wedges possibility of breaking upwards. smaller time frames are showing macd bottomed and as the trend is not mature if could continue upwards on a higher likelihood than a mature chart with history of support and resistance zones.

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price action being pushed in the right direction, watching the resistance of the wedge here for a squeeze:

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Still looking at same figure for target. buy pressure gone just waiting for sell pressure to arrive;

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Wrong chart, heres right one:

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Such a strange chat formation. savage bearish divergence twinned with a price held at a high and bought/sold instantly when moving from this zone. need to break clean under the fib to see downside, patiently waiting

Trade closed: target reached

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That wick, Lol

Basil13

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