This idea is a little bit different, and will be looking at the smaller timeframes. So far Ethereum seems to be weakening and failed to push higher. I can see it drop around 3%, which would make it a good scalp. Currently waiting for confirmation.
On the 5 min timeframe, Ethereum dropped below the cloud following a bearish TK cross and now has successfully tested resistance. If we fail to break through and get another William Fractal, it is a short signal.
Short:
221 USD
Take Profit:
215 USD
Stop loss:
If we push above 222 and trade within it for some time, get out. Alternatively, you may set a stop at 224.
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On the 5 min timeframe, Ethereum dropped below the cloud following a bearish TK cross and now has successfully tested resistance. If we fail to break through and get another William Fractal, it is a short signal.
Short:
221 USD
Take Profit:
215 USD
Stop loss:
If we push above 222 and trade within it for some time, get out. Alternatively, you may set a stop at 224.
Thanks for viewing! I appreciate all the comments and reply instantly.
Note
RSI should not cross above 50 ideally.
Note
So far all conditions have been met, stop set at 224.
Note
Stop moved down to entry price of 223. If once we hit target, set a stop to lock in profits and then wait, as BTC could break down 48 hours.
Note
On track
Trade closed: target reached
I closed most my position and moved my stop loss down to 222Trade closed: target reached
218.61 is new stop loss, I have locked in this trade for around 2.5%.Note
By the way, I expect ETH to breakdown, so I will add if that does occur. I think we will form new lows along with Bitcoin.Note
Yup as predicted we broke down.Note
For now I expect recovery due to the spike in Bitmex liquidations, so Bitcoin will recover, pulling Ether along with it.Note
Long with 1.1 risk/reward
Note
We should stay above 210 if this is the bottom.
Note
Looks like that was the bottom. I expect a second test of 210 and a push upwards.
Note
Short 218 level for a quick scalp with a very good risk/reward.Trade closed manually
Trade is complete. New trade will be updated.Note
Trade active
Please view my new idea
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.