Quickpost: Reversal of my bearish stance on ETH to bullish
I have been watching for ETH to flip bearish on the monthly time frame with the same system that shows BTC has flipped bearish and my expectations were not met. For most of July ETH was below the MTF VSTOP and my expectation was that ETH would close below $2,140 which would have flipped the VSTOP and MTF VSTOP to bearish. Instead buyers stepped up in a big way for the last third of the month buying below the VSTOP and apparently will be continuing the trend upward. I was stopped out of my eth short for a small loss and after the strength shown on the monthly candle close have gone long. My stance on BTC is still bearish until I see a large reversal pattern or it slowly walks itsway upward. At this point it BTC interesting based on the chart clarity ETH has.
Based on the strength seen I would expect the next pause to be the 1.618 level from the fib retracement but I think it would be a rather quick consolidation.
The crazy to the moon gains level is the 2 line on the fib channel with a major stall at the 1.618 or 1.786 levels. Price action finding support on the 1 line is also a very powerful. Prior to the close it appeared the 1 line was going to be resistance. It wasn't and so I am looking for continuation and am flipping my bias.
On the 3 day chart once price action gets over the VSTOP and MTF VSTOP it is off to the races. I am using your basic Heikin Ashi Strategy to manage this trade. We have several shadowless green candles on the 3 day chart and the monthly time frame remains bullish.
Once the weekly VSTOP and MTF VSTOP are beat we are basically in the clear for massive upside using this volatility system. As a reminder, you should never be "recklessly long" because that is how you get reckt.
My linked ideas show how I used my system on lower time frames to have a bearish bias on eth as I was expecting the selling to continue. It didn't and now I have to eat some crow.
Based on the strength seen I would expect the next pause to be the 1.618 level from the fib retracement but I think it would be a rather quick consolidation.
The crazy to the moon gains level is the 2 line on the fib channel with a major stall at the 1.618 or 1.786 levels. Price action finding support on the 1 line is also a very powerful. Prior to the close it appeared the 1 line was going to be resistance. It wasn't and so I am looking for continuation and am flipping my bias.
On the 3 day chart once price action gets over the VSTOP and MTF VSTOP it is off to the races. I am using your basic Heikin Ashi Strategy to manage this trade. We have several shadowless green candles on the 3 day chart and the monthly time frame remains bullish.
Once the weekly VSTOP and MTF VSTOP are beat we are basically in the clear for massive upside using this volatility system. As a reminder, you should never be "recklessly long" because that is how you get reckt.
My linked ideas show how I used my system on lower time frames to have a bearish bias on eth as I was expecting the selling to continue. It didn't and now I have to eat some crow.
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