we are inching our way up to the top of this smaller paralell channel, and the top of the pitchfork that we rode down out of the rising wedge we broke down from a week and a half or so ago. we are currently catching a bit of resistance from the pink fib circle band that we used for support on our last journey to the top of this pitchfork. top of the parallel channel (yellow thick line) is aligned perfectly with the MID point line of the larger falling channel we have been trading in since the end of may. super easy trade setup, tight stop loss cause if we break these levels then we may make our way to retest the upper levels of the larger channel. possible 16% drop to the bottom of said larger channel from where we are now.
i am looking to enter as close to $1890 as possible, with stop loss at 3%, around $1930. should we break up, im not so sure about a long but will keep close eye on the momentum of price action to look for a better short entry.. but again, this is crypto, so literally anythihng is possible. we could hit 50k tomorrow who knows lol. as always i will post a few more pictures with different tools and levels in the comments. godspeed everyone!
ENTRY: $1890
STOP: 1930
TARGETS: bottom of smaller parallel channel: $1675, bottom of larger channel: $1590
possible 16% set up, juicy juicy
i am looking to enter as close to $1890 as possible, with stop loss at 3%, around $1930. should we break up, im not so sure about a long but will keep close eye on the momentum of price action to look for a better short entry.. but again, this is crypto, so literally anythihng is possible. we could hit 50k tomorrow who knows lol. as always i will post a few more pictures with different tools and levels in the comments. godspeed everyone!
ENTRY: $1890
STOP: 1930
TARGETS: bottom of smaller parallel channel: $1675, bottom of larger channel: $1590
possible 16% set up, juicy juicy
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the green and red boxes on my chart are not related to this trade btw, just some general levels
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also, keep in mind we may not actually be able to push up to the desired entry point that i listed, as the top of the pitchfork (blue line) MAY act as enough resistance to keep us barely off of it
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i personally opened half of my position already on low leverage just to have exposure, will wait fro $1890 to fill the rest
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getting a break above these levels, happened so fast that i wasnt even here to enter the rest of position at 1890.. going to wait and see what happens in 15 mins as this next candle opens, as if some volume comes in we could very well see some explosive upward price action. ETH has really taken a liking to that pink fib circle band! ;p
Comment:
i have closed what i had opened and am waiting for further signals, will make new post in a bit when things shape up. im wondering if the Musk/Dorsey meeting later is creating some buying pressure?