$ETH - Two great trades no matter which way it chooses.
Had a few telegram updates since my last one on here - posted below...
Wednesday
#ETH #UPDATE - Couldn't hold $207 for the third time in the face of further decline on BTC, however is still amazingly holding above yesterday's low. If we can't hold a decent up move in the next 12 hours or so here we will be looking at a short back to the 190s and possibly back down to the now ancient level I have at $176.50.
Thursday
#ETHUSD - Lovely short following not holding $207. Perfect take out of the level retest area at $176. 13% or around 7R.
Friday
#ETH - If BTC does start some crazy up move in the near future I recommend jumping in ETH, no resistance between just above here and back up to around the $204-5 area.
Now
Bear Pennant has developed and all up ETH is looking more bearish than BTC, having not managed to break the 180's (and I have found recently ETH to be more market reflective than BTC therefore this makes me more bearish on BTC too.)
Anyway we trade what we see - as above, a break up and we have clear space back to $204-5. A break below will see a test of the support at $176 and the pole flag target is a scary approx. $154. I don't currently have a level there but will need to go back and check if that area can act as support.
Wednesday
#ETH #UPDATE - Couldn't hold $207 for the third time in the face of further decline on BTC, however is still amazingly holding above yesterday's low. If we can't hold a decent up move in the next 12 hours or so here we will be looking at a short back to the 190s and possibly back down to the now ancient level I have at $176.50.
Thursday
#ETHUSD - Lovely short following not holding $207. Perfect take out of the level retest area at $176. 13% or around 7R.
Friday
#ETH - If BTC does start some crazy up move in the near future I recommend jumping in ETH, no resistance between just above here and back up to around the $204-5 area.
Now
Bear Pennant has developed and all up ETH is looking more bearish than BTC, having not managed to break the 180's (and I have found recently ETH to be more market reflective than BTC therefore this makes me more bearish on BTC too.)
Anyway we trade what we see - as above, a break up and we have clear space back to $204-5. A break below will see a test of the support at $176 and the pole flag target is a scary approx. $154. I don't currently have a level there but will need to go back and check if that area can act as support.
Trade active:
#ETH #UPDATE - Small fakeout from the pennant stopped out my short. Long activated on break upwards. Watch for rejection at this level in case we don't get all the way to target. This is a big move.
Comment:
198 stopped us briefly but we have now taken the level and target is in sight.
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