Long
ETH Long
Aggiornato
Eth has had a massive drop out of it's consolidation zone after it's recent run up.
It's steamrolling towards the demand zone created from it's previous consolidation, which lines up on Binance with the 50 Fib from the run up. The Bitmex Fibs arfe slightly different.
We've just seen an extremely weak bounce off the Bitmex 50 fib, which lends support to price coming down to my zone, There should be plenty of buyers waiting there between fibs, support and the demand zone, so expecting a decent buyback as we approach.
Also dropped a lucky dip on the 61.8 as there is a small zone there created by forming the smaller timeframe HH that was the initial sign of the breakout of consolidation.
It's steamrolling towards the demand zone created from it's previous consolidation, which lines up on Binance with the 50 Fib from the run up. The Bitmex Fibs arfe slightly different.
We've just seen an extremely weak bounce off the Bitmex 50 fib, which lends support to price coming down to my zone, There should be plenty of buyers waiting there between fibs, support and the demand zone, so expecting a decent buyback as we approach.
Also dropped a lucky dip on the 61.8 as there is a small zone there created by forming the smaller timeframe HH that was the initial sign of the breakout of consolidation.
Nota
No signs of Buyers, think everyones watching and waiting to see what BTC does. Will close for a small loss if no buyer momentum at next 4H closeTrade chiuso: stop raggiunto
Some sign of buyers on the candle I was waiting on. Stayed in. BTC moved and ETH dropped through my stop.Lessons Learnt: Be Very cautious longing alts when BTC is in a position it's likely to pump or dump from.
If buyer momentum doesn't come and get us clear of the demand zone within 1-2 candles, might be better to close the trade.
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