Quick ETH Trading Opportunity!
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I don't usually post super short term trading ideas, but let's keep this simple.
The pink line above is the neckline for the entire bottoming consolidation period that has been occurring for nearly 8 months. If we can confirm this short term double bottom and break out above that neckline (green X), I think ETH could make a pretty big move up. Circled on this chart you can see a hidden buy that was triggered during our recent move down. This is a small bullish signal that I don't tend to ignore, as a close observer.
BUY:
Now, if pink line is broken to the upside (currently near 31500), or between 29300 and current prices.
SELL:
32000-34000 (short term, whenever happy with profit). This would be a decent leveraged trade.
35000
40000
60000
STOP LOSS: Below 29000, though stop hunts happen frequently.
This is where the pink "neckline" originates from, by the way, zoomed out:
This is not financial advice. Just a simple setup I'm seeing, and wanted to post it now for future reference, because I think this could happen very soon. At bottom, you can find my analysis where I've compared Ethereum's recovery to the Amazon recovery after the dotcom bubble burst.
-Victor Cobra
The pink line above is the neckline for the entire bottoming consolidation period that has been occurring for nearly 8 months. If we can confirm this short term double bottom and break out above that neckline (green X), I think ETH could make a pretty big move up. Circled on this chart you can see a hidden buy that was triggered during our recent move down. This is a small bullish signal that I don't tend to ignore, as a close observer.
BUY:
Now, if pink line is broken to the upside (currently near 31500), or between 29300 and current prices.
SELL:
32000-34000 (short term, whenever happy with profit). This would be a decent leveraged trade.
35000
40000
60000
STOP LOSS: Below 29000, though stop hunts happen frequently.
This is where the pink "neckline" originates from, by the way, zoomed out:
This is not financial advice. Just a simple setup I'm seeing, and wanted to post it now for future reference, because I think this could happen very soon. At bottom, you can find my analysis where I've compared Ethereum's recovery to the Amazon recovery after the dotcom bubble burst.
-Victor Cobra
Nota
Looks like this has been invalidated for now. Possible ETH dumps now towards the 24000 zone, unless some strong buying occurs soon.Nota
We'd need this to play out as a bear trap, or ETH risks losing 29000.Nota
We lost 29000 briefly, but were met with some pretty strong buys in the 28000 area. The long setup is a little easier now, because if you're out of the trade, it would be a lot more obvious to buy if we break back above the 29500 zone (green X), and particularly the neckline I've been talking about in this analysis. For now, I will say the setup is still valid, because we have not yet had a SUSTAINED break below 29000. Also seeing some large buys coming in on other alts. Ethereum looks good, since it's moved up decently in USD value since yesterday. Nota
By the way, if we DO move up here, I DID say that a stop hunt was possible as well, since they occur very frequently in this market - particularly before reversals.Nota
Looks like we’re getting our big pump now. Took a bit longer to play out than I originally expected, but it’s still in line with what I’ve been seeing with ETH, particularly in the USD pairing. Let’s see if we can break that neckline.Nota
The signal to get in for a trade would have been the move to break back above the 29000 support today, but one could also wait to see if we can tackle the neckline, currently around 31600. We're also facing considerable horizontal resistance at the 30500 level. Nota
Looks like ETH has been rejected before even getting to the 31600 level I was looking at, which is a bad sign. We're not back below 29000 yet, but if we do go back down, things could get ugly.Nota
Welp, looks like this setup occurred, but it took much longer to play out than expected. The first target has been reached. Congrats to anyone who bought on that breakout.
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