$ETHUSD POSSIBLE LONG OPPORTUNITY --- SHORT OUTLOOK INCLUDED
We have a long bias on ETHUSD as we have seen recent billion dollar sell-offs of blue chip stocks, that money then poured into cryptocurrency holdings/investments. While we believe this rally will be led by Bitcoin, we have no doubt that the entire crypto-sector will benefit from this rally.
If price breaks our "waiting for bos" line we will activate a long position with our pending buy order set at $325--- our stop loss at $285 and our overall target at $470 under the contingency that the $400 mark is broken, we strongly suggest moving your stop losses to break even or in profit once we do hit the $400 region ($380-$400) --- With our suggestion being $350 for a in profit stop loss.
While we have a long bias we know that there is possibility for further downside, if we do not break the "waiting on bos" line indicated on our chart we will be expecting price to take another dip, we do not condone taking shorts as we have seen a rise in wide spread acceptance of cryptocurrency. But we can expect price to retest the $235 region, our above long trade will still be valid if this level holds. If we do break $235 we will more thank likely see $160.
Thank you and happy trading!
If price breaks our "waiting for bos" line we will activate a long position with our pending buy order set at $325--- our stop loss at $285 and our overall target at $470 under the contingency that the $400 mark is broken, we strongly suggest moving your stop losses to break even or in profit once we do hit the $400 region ($380-$400) --- With our suggestion being $350 for a in profit stop loss.
While we have a long bias we know that there is possibility for further downside, if we do not break the "waiting on bos" line indicated on our chart we will be expecting price to take another dip, we do not condone taking shorts as we have seen a rise in wide spread acceptance of cryptocurrency. But we can expect price to retest the $235 region, our above long trade will still be valid if this level holds. If we do break $235 we will more thank likely see $160.
Thank you and happy trading!