Ethereum Could Reclaim #2 Spot Soon (Coin Market Cap)
Updated
Fundamental analysis: There has a been a lot of good news for Ethereum recently, including the upcoming Constantinople update (to address network scaling issues) and launch of the alpha version of Raiden Network for testing (Raiden is similar to Lightning Network on Bitcoin & Litecoin). It is possible that ETH buyers could push the price up to reclaim the second position on the cryptocurrency market cap list, currently held by XRP.
Price analysis: After rising 50% from the local bottom, ETH is consolidating at the $135 level and has formed an expanding triangle.
Hypothesis: If the price moves upwards again then we could see the next leg up at 61.8%, 100% or even 162% of the first leg.
Strategy: buy up to $145 with a stop loss below $135. You may choose to add your position on a clean break of $145 with large volume. Take profits at the three levels shown on the chart.
Caution: Please exercise caution and use appropriate position sizing and risk management. As was mentioned earlier the price is already up about 40% from the recent lows.
Take care and trade safe.
Price analysis: After rising 50% from the local bottom, ETH is consolidating at the $135 level and has formed an expanding triangle.
Hypothesis: If the price moves upwards again then we could see the next leg up at 61.8%, 100% or even 162% of the first leg.
Strategy: buy up to $145 with a stop loss below $135. You may choose to add your position on a clean break of $145 with large volume. Take profits at the three levels shown on the chart.
Caution: Please exercise caution and use appropriate position sizing and risk management. As was mentioned earlier the price is already up about 40% from the recent lows.
Take care and trade safe.
Note
Correction - almost 100% rise from the bottom, i.e. $81 -> $159Now it is still up 69%
Trade active
My long entry is at $137.4No stop in place yet, I am adding more down to $128
However if it moves further to the upside I will place stop around $135 as planned
Trade active
Chart update.Still willing to buy down to $128
Trade active
Fell within the previously mentioned support area. Buying more here.Trade active
This chart update shows some redrawing of the last wave in the expanding triangle (e). I now believe that triangle is complete at level $126.70. I added to my position as we moved down to $128 however started reducing above $131 to manage risk. I will now move my stops above $126.
Strategy is to add more later if we move up towards $145 and also bring the stop up further to around $135 as planned. If we cannot break above the $136 area I will not be increasing the position further.
Trade active
Adding more ETHUSD here. Note
ccn.com/dx-exchange-launching-cryptocurrency-trading-platform-with-tokenized-stocks/Dx.exchange is launching January 7th, first non-CFD crypto exchange to offer stock trading that are tokenized on the blockchain (publicly listed companies like Google, Facebook, Intel and Apple).
Dx.exchange uses Ethereum and ERC-20 to tokenize the stocks which they claim will be backed 1:1 by the physical assets.
Trade closed manually
Not looking as bullish as expected. Took profits here, now only long spot ETH. Will rebuy if we revisit the new support area.Trade active
Rebought ETHUSD on BitMEX ($148)Trade closed manually
Not looking so hot, closed at $152.There will be no further updates on this idea.
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