ETH short opportunity
Updated
- network instability
- transaction delays
- security concerns
- Focus on BTC
- Summer prices settling (notorious bear season for crypto)
With all things mentioned fresh on the minds of traders it is no surprise that ETH crashed through the previously established trend line, leaving us with a new potential target at a previously established ceiling and fib line from initial breakout. Though this correction represents massive movement, it is not abnormal with respect to the first real breakout, and falls on a fib line when we approach it from that perspective. I entered this trade .079 and added @ .071.
Target 1 = .062
Target 2 = .05
I would not be surprised to see this slip back to .02 levels before the bulls return at the end of summer.
Good luck to all!
- transaction delays
- security concerns
- Focus on BTC
- Summer prices settling (notorious bear season for crypto)
With all things mentioned fresh on the minds of traders it is no surprise that ETH crashed through the previously established trend line, leaving us with a new potential target at a previously established ceiling and fib line from initial breakout. Though this correction represents massive movement, it is not abnormal with respect to the first real breakout, and falls on a fib line when we approach it from that perspective. I entered this trade .079 and added @ .071.
Target 1 = .062
Target 2 = .05
I would not be surprised to see this slip back to .02 levels before the bulls return at the end of summer.
Good luck to all!
Trade closed manually
Due to unexpected BTC consolidation, and the coming, I have closed this trade.Trade active
Bearish movement confirmed, ETH relationship to BTC remains inverse. Initial targets still active.Trade closed: target reached
Due to the succession of lower lows, I'm exiting this trade.....Though I suspect ETH could continue to slip, I'm currently staying out of it. To much risk involved with the increased volatility created by the BTC market.
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