ETHEREUM - Short at 8K

Ethereum - one of the major headliners in this "alt season' appears to have just passed the moon and perhaps now en-route to Mars. However ETH is surely the fat-lady-singing and the end of the party as Bitcoin is now looking very weak fumbling on cliff tops. It is not a long I'm interested in.

But, if Ethereum can hit the same 1.618 fib as Bitcoin did and reach $8.3K I think it is a good short from there. The 2.272 looks far too far away, and I think price will hit a significant fib to find its top. Its risky but could be with excellent reward. This is also in tandem with Bitcoin collapsing (see my Bitcoin threads for details) and I think ETH can lose 90%+. Of course very good chance ETH does not even get close to my target, but that's ok.

I will have a short sell order waiting just shy of the mark.

Not advice.

Comment:

BTC looks like it may be locking into a price tightening coil and in the 2018 collapse ETH continued its surge as BTC bounced. Both of these possibilities can allow ETH the time to complete a journey it has done before.

Comment:

ETH is stalling and a weekly doji would be a sign of a top. Think there is a good chance 0.382 could be it right here, will wait a bit to see.

Comment:

In consideration of Bitcoin this fib target looks much more realistic and also there is confluence in 2 projections. I'm dollar cost averaging between the 2 fibs and up to 5K. If price mainatins up and past 5K I will manually exit and look to the next fib.

Comment:

Price has wicked through support. If Bitcoin bounces here then ETH will probably carry on up.

And crypto TOTAL is still shy of the mark.

Comment:

ETH looks like it may have topped to me. Although it didn't quite make it to the 2.618 wave 5 fib, it has crossed the long term 1.382. It looks like it has fallen too abruptly for continuation of a wave 5 and its too close to the 2.618 for it to be a wave 4, so I'm sticking my neck out and saying the top is in, I might be wrong. I've got no SL here, I'm just going to watch, and look to build a position against risk.

Also the sharp bounce here looks like a B wave to me, and if it is price can move sharply lower into the C. Could be an H&S forming.

Lastly BTC looks like it may be forming a bearish flag to continue on down.

We'll see. As I said I might be wrong. Not advice.

Comment:

...build a position against ETH*

Trade active:

Price moving down, will assess around $3.4K

Trade closed: target reached