Number of reasons why this is a good place to bottom:
- VPVR point-of-control from 2017 onwards after a long period of consolidation in 2017 around $300
- Larger WXYXZ correction - 0.618 length of W projected off 2nd X is around $305
- Smaller WXYXZ correction as part of Z - 0.618 length of W projected off 2nd X is around $305 (this leg channels nicely)
- Fib retracement tool of entire 5-wave rally of ETHUSD - 0.786 is around $305
- ETHUSD bottom of long-term log channel is here (see KRAKEN for this as it has the longest listing time)
- ETHBTC also nearing a potential bottom around 0.047 where the 0.618 of the entire rally from the beginning of time to the 5th wave truncation
- Daily RSI is quite low around 20 - a low RSI doesn't solely determine a bottom, but it gives increased confidence that this might be a bottom
Given all these reasons, I think there is a really good chance that we have a bottom here (or really close). Although, there is no excuse for poor
risk management if it decides to head south after a bounce.
- VPVR point-of-control from 2017 onwards after a long period of consolidation in 2017 around $300
- Larger WXYXZ correction - 0.618 length of W projected off 2nd X is around $305
- Smaller WXYXZ correction as part of Z - 0.618 length of W projected off 2nd X is around $305 (this leg channels nicely)
- Fib retracement tool of entire 5-wave rally of ETHUSD - 0.786 is around $305
- ETHUSD bottom of long-term log channel is here (see KRAKEN for this as it has the longest listing time)
- ETHBTC also nearing a potential bottom around 0.047 where the 0.618 of the entire rally from the beginning of time to the 5th wave truncation
- Daily RSI is quite low around 20 - a low RSI doesn't solely determine a bottom, but it gives increased confidence that this might be a bottom
Given all these reasons, I think there is a really good chance that we have a bottom here (or really close). Although, there is no excuse for poor
risk management if it decides to head south after a bounce.
Trade chiuso: stop raggiunto:
Stopped out after closing below $305 level and failing to produce a higher low. This is a clear example of when the market is behaving irrationally, you need to stick to a well-thought out plan to avoid the further plunge in ETHUSD to $250 today.