Short on 4 Hour Soon. Primary Target .0734, Secondary .071

events:
kybernetwork, grid+, but nothing significant

1h- nominal but approaching overbought in next couple candles (reversal)
4h- overbought stoch rsi - (reversal in next few)

1h and 4h says this thing is over the middle and is running out of gas in the next couple (4-5+ hours).

-market capital is at 113.8B, so this thing could certainly pump and prove me wrong. But realistically, there is nothing super significant in Ethereum right now.
-my other proprietary data shows this thing is redlining and might gas out very very soon.


My plan is to short at .081-.084 range.

I see Bitcoin/USD pushing for $4000-$5200 area this week, and then ETH/BTC toward the end of the month shooting up (if not major disruptions).

If I am missing some sort of significant fundamental event please comment what you think. Thank you.

Lets see if I am right again.

Targets will be .0734, .0707, .067
I'd like to see this thing hit the 200 EMA on 1D (~.0656), but that may never occur (its come very close and should hit).

Comment:

1D stoch says this thing is overbought, but can push a bit higher. I'd say there is higher likelihood of a drop in price.

Comment:

I will be attending an ethereum meetup in the next hour, in Palo Alto, CA today on KyberNetwork and Grid+. Grid+ looks interesting, but I need to read more about it.

Comment:

4hr and daily stoch say overbought (bearish). 1h says oversold (bullish).
4h + daily should overrule the 1h. Also the ethereum meetup I went to today was ok. Grid+ looks ok. KyberNetwork (decentralized exchange) looks like a disaster waiting to happen.
4hr 50-200 bearish still...we might see a pump, but I call bullshit on it being sustained. My shorts are in.

Comment:

1h stoch rsi and rsi show overbought
4h stoch rsi and rsi now shows overbought too
1d stoch rsi shows overbought, but rsi shows nominal
total market capital has hit 123 B, which implies new money is coming in. Reading news, I do not see anything singificant other than maybe Russia is pouring money into crypto...is this why we are bumping up?
eth/usd is overbought too...I would expect a big dip soon as this may be a bulltrap.

Comment:

As I suspected, it has turned out to be a bulltrap. OTOH the 50-200 is coming closer and closer to converging for eth/btc on 4 hour. I plan to TP and exit short positions as the risk of this short will increase as the 50 ema and 200 ema come closer and closer to crossing. I can forsee it going up and down 1-3 more times, but for the most part my position will shift toward going long after I scale out of my shorts.

Comment:

.0804 touched, I believe this is going to .0763.
My targets for taking profit are .077 to .08 as I plan to scale out of my shorts.

Comment:

scaled out and took some profits. price hit .0766. new targets .0727 and .067

Trade closed: target reached:

This short was a win...someone dumped a bunch of eth and price ihit .0501 btc/eth. Closing short.