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ABC as easy as 123... Descending Triangle - ETH Short Potential I have been following ETH price movements for months, now, however, I am more actively trading and while I have only been active and published on trading view for nearly two weeks, I am very confident in this trade. Part of that confidence is from TA, some is from experience in the industry and the other bits are pure speculation and hopefully a little luck. One thing I've learned is that no matter how good your analysis is the market can stay irrational longer than you can stay solvent. In a few trades over the past couple weeks I have gotten washed going in early, this made me determined to be more patient and wait for the trend to become very clear before trying to get in on top of it. I've noticed that the more patient I am with entries the more success I've had in trades. More recently I was able to enter this trade at point B: This was a quick in and out trade for me between 223.50/ETH to 217.50/ETH, while only 2.68% at 25x leverage I netted a decent 66%+ gain on a 20 minute trade. Now we are in new territory. My earlier calls were mostly too early but I hit the Bear Flag Breakout pretty spot on, after my exit I haven't traded ETH until today's breakout. Unfortunately my most recent post, the bearish descending triangle; was too early. However, I didn't enter until today when all my alerts were triggered. Unfortunately I missed my alerts and the bulk of this trade, for now, I really think there is more room for ETH to decline. My original descending triangle analysis was based off of the 8hr chart and missed the timeline, again no trade was entered as I was waiting for a moment like today. My chart is now based off of a 1 day view, and the descending triangle pattern seems to have proven itself. As you can see at points "A" and "B" on both the descending triangle and the MACD, when ETH price crossed the lower bound of the pattern it also presented a solid MACD cross. From each of these points ETH declined for several days. Looking at our current position "C" we have broken the triangle bound and we are encroaching upon another MACD cross. It is for this reason I believe we could see a couple days worth of downward pressure if ETH does not recover promptly. That means that even though I, and maybe you, missed the bulk of this first drop, there is more to come. I am actively trading this right now. I have already opened and closed one position in the past hour or two. I entered a derivative position at 203.00 and exited at 197.50, the derivative is trading at somewhat of a large discount to ETH. This trade was in and out in under 10 minutes, I already missed most of the action, and while it was only a 2.71% gain, at 25x leverage I netted a decent 67%+ gain, almost identical to my other trade mentioned earlier. Currently ETH is near 206.00, and I have a position opened again at 201.00 and for reference the derivatives are trading near 201.80+ I think this will be a crucial moment for the longer term direction of ETH. Bulls need some real upward momentum here, otherwise I think bears will have a field day. Happy trading mates!
BITFINEX:ETHUSDShort
by Captainsmugglebutt
4
Too Much Rejection For Little BitcoinWe've now begun tracing the entire right side of the structure we've been building since the beginning of July. BTC rejected the 6800 and the 6400 level which has thrown us back down to the 6200 level. At this point we are hoping for a reversal as it double bottoms - but there is a possibility of dropping back down to 5800 again before we make a run at it. I'm sure a lot of you are snapping your positions at the top and buying back in lower - theres been a number of opportunities. This is obviously something every trader tries to do when they can - but for those who are new - wait out this storm unless you are buying - we've seen the price of BTC move over $1000 an hour - you dont want to be left behind because you picked the wrong direction. If you do try short - manage your BTC - only trade with a portion of it (a quarter at most) and you still expose yourself to some upside without as much down! We might scrape the bottom for a third time at around 5800 - but i expect this to be incredibly short lived. We will bounce off of a resistance point - whether its 6200 or 5800. The third bounce might be what this market is waiting for to move up to higher levels? Happy Trading.
BITFINEX:BTCUSD
by rgeddes
Bitcoin Ready To Drop It Like Its Hot Before We Bounce BounceBTC continues to trace what appears to be an H&S pattern. We are currently working on the right side of the pattern which means we will likely see a push to the 6600's before a drop to the 6300's where we should bounce back up through 6400 and 6800 in a more convincing manner. The right side hasn't completed yet so this is still unconfirmed. What we can say is we are still struggling to get about 6800 and we seem to have enough support right now keeping us above 6200. Weekend trading has a tendency to be unpredictable but I expect the right shoulder to finish and a bounce at the 6300 level this weekend - possibly today - which should give us a much better chance at breaking through the 6800 and onto the 7200 barrier. If you are taking a position - keep an eye on the charts and try to buy in the 6300 range - otherwise if you are holding - enjoy the show.
BITFINEX:BTCUSD
by rgeddes
Bitcoin - Two Steps Forward...Resistance continues to keep BTC below 6400. We hit a high around 6300 before moving back to the current range We should hit 6400 today and retest that price again. Whether we break through it or not is debatable. What we do know is there are a number of levels of resistance the whole way up. We have to watch carefully as we pass through 6400. If the market rejects it and the price starts to drop - there may be a short situation. If you are a long term holder - there is no change in the overall outlook for BTC. Just an opportunity to try and collect some more in the short term. First stop is 6400 - if we can't pass is - be prepared for another dip into the 5000's. If we do pass it - we will have passed the test on the way to 6800 and eventually 7200. Bitcoin grows stronger every year - there is no reason to think this year is the exception to that!
BITFINEX:BTCUSD
by rgeddes
7
Great short opportunity - BTC/USD- Leveraged longs at all time high as suggested by the BFX long vs short indicator. - Price is below 50 and 200 MA, possible death cross. - Volume continuously decreasing - Time indicator would suggest either: (a) the 1-4 day correction is over and we fall now, or (b) we see a continued rally to a green 8 or 9 followed by a red 1. (this would be an ideal trap scenario) A good short opportunity would be sometime between now and the next 2-3 days. Stop-loss at $9400 (around the 50 MA) If a breakdown occurs then double down on the short position as this would probably lead to a bear break of the triangle formation. With a new stop loss at $8600
BITFINEX:BTCUSDShort
by xaes117
1
BTC Levels Close Up and When to Buy/ SellBTC has been in a range now for about a week which has been a great time to trade Alts as there is always a big increase in volume when this happens and you can set stop losses knowing that if your stop loss gets hit you won't fall back into a currency that is on the tumble. BTC is starting to approach the 8,300 resistance level again with strong support from both the moving averages on the 1H and 4H charts. If it makes it through then it should head up to test the 8,600 resistance level. The strong resistance is at approx the 9,165 level which was the previous recent high. IF BTC breaks through this then we will have a reversal and no longer be in a downtrend. Above this area is a great position to buy long with a stop lost just below. Going long on BTC at any point prior to this is risky as we are still in a downtrend. If we break down below the moving average support and the bottom of the current trend then we will most likely resume our descent to an approx target range of 4,400 to 4,800 with a few bounces on the way. Below the current support level would be the ideal position to short. If you have found this useful and would like updates please click on the thumbs up!
BITFINEX:BTCUSD
by bluesilver3
ETH Plunge into the oceanSo as you can see, every time the Stoch RSI has reached the 100 oversold point on the daily, ETH swiftly began a declination. Although ETH did not reach the 100 it still was rejected on the 80, a key technical point, the oversold line, so I still firmly believe that this could lead to a breakdown from where it has lied for the past week or so. Also, instead of creating a rising wedge, like the other few times, it is currently flagging. I think this is just a product of BTC intervention, forcing majority of cryptos, including ETH, down with it. *I am not a financial advisor. This is not investment advice. Do what you want with this information.
COINBASE:ETHUSDShort
by mikafur
$BTC Everything is fine, stop trying to draw a H&S on everythingIts a bullflag, stop drawing H&S, and Elliot waves that are poorly done... Everyone saying "I'm ready to buy the next dip down"... no you weren't the sentiment on Wednesday ranged from scared shitless to super scared shitless, we all saw what was being said on here and around the internet/twitter. Might be time for a good solid look in the mirror for most traders in this market. So for actual analysis. It took a bounce back into the channel after the crash, should continue in the channel if no more FUD. Confirm the channel with a support retest. Should bullflag for a while before the next large move. Good entries to be had if your looking as well. Happy Trading. Not financial advice and DYOR. And Stop spreading FUD when there isn't much to be had.
BITSTAMP:BTCUSDLong
by kbasch
2