ETH - Do not chase the outbreak, enter safely on the pullback
If you did not enter at the start of the breakout, do not FOMO and do not try to catch the ATH run in the middle of it even if you are bullish. Wait for a pullback and enter at a low risk, safe level. In the last few hours, I see more volume on the red candles than the green candles (hourly chart). Which is telling me that a pullback is coming.
We can see below strong support on the previous resistance (1190-1200 level). This also lines up with the 0.5 fibonacci level, which is where I expect this to retrace towards. That will be our entry level, with stoploss a little below resistance.
First target is around 9% gain. After that you can bring stop loss higher to lock profits if the bull run ends, but you can also keep part of your position to catch the next run (if there will be one). My advice however would be to make sure you close all positions before 8 Feb when ETH futures launch, because volatility will be super high. When BTC futures launched it went from ATH to almost ATL.
We can see below strong support on the previous resistance (1190-1200 level). This also lines up with the 0.5 fibonacci level, which is where I expect this to retrace towards. That will be our entry level, with stoploss a little below resistance.
First target is around 9% gain. After that you can bring stop loss higher to lock profits if the bull run ends, but you can also keep part of your position to catch the next run (if there will be one). My advice however would be to make sure you close all positions before 8 Feb when ETH futures launch, because volatility will be super high. When BTC futures launched it went from ATH to almost ATL.
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