The current uptrend before the ETH hardfork update seems to have been rejected off of 100 MA resistance, the lighter green line. The support line from the start of this rally, sub 85, that was held at 113 off some sell pressure, has also clearly been broken (white line).
Looking at the fib extension for a 50% pullback and the 50 MA as potential support for a continued rally, I am entering a short position until ETH nears 117. Depending on momentum, etc, I will likely ease out of the position then and look for a long entry. I think we could still see bullish action with some Constantinople FOMO if ETH can catch support at that 50 MA and 50% line.
If ETH falls through 115 without slowing down then low 100s would be my next target.
Happy trading all!
Looking at the fib extension for a 50% pullback and the 50 MA as potential support for a continued rally, I am entering a short position until ETH nears 117. Depending on momentum, etc, I will likely ease out of the position then and look for a long entry. I think we could still see bullish action with some Constantinople FOMO if ETH can catch support at that 50 MA and 50% line.
If ETH falls through 115 without slowing down then low 100s would be my next target.
Happy trading all!
Trade closed: target reached:
Traded this perfectly. Closed my short position at 100% profit, sub 117. (Using 10x leverage).
Unfortunately I did not switch back to a long position as I had even recommended. That would have been the cherry on top.
As you can see, ETH followed my predictions exactly, falling from the 125 range to 117, testing support and then rebounded.
I am looking for the price to see continued selling pressure after the constantinople hard fork. I would not be surprised to see ETH trading sub 100 in the next 2-3 weeks.
I have no current position at this time.
Unfortunately I did not switch back to a long position as I had even recommended. That would have been the cherry on top.
As you can see, ETH followed my predictions exactly, falling from the 125 range to 117, testing support and then rebounded.
I am looking for the price to see continued selling pressure after the constantinople hard fork. I would not be surprised to see ETH trading sub 100 in the next 2-3 weeks.
I have no current position at this time.