Ethereum - one of the major headliners in this "alt season' appears to have just passed the moon and perhaps now en-route to Mars. However ETH is surely the fat-lady-singing and the end of the party as Bitcoin is now looking very weak fumbling on cliff tops. It is not a long I'm interested in.
But, if Ethereum can hit the same 1.618 fib as Bitcoin did and reach $8.3K I think it is a good short from there. The 2.272 looks far too far away, and I think price will hit a significant fib to find its top. Its risky but could be with excellent reward. This is also in tandem with Bitcoin collapsing (see my Bitcoin threads for details) and I think ETH can lose 90%+. Of course very good chance ETH does not even get close to my target, but that's ok.
I will have a short sell order waiting just shy of the mark.
Not advice.
But, if Ethereum can hit the same 1.618 fib as Bitcoin did and reach $8.3K I think it is a good short from there. The 2.272 looks far too far away, and I think price will hit a significant fib to find its top. Its risky but could be with excellent reward. This is also in tandem with Bitcoin collapsing (see my Bitcoin threads for details) and I think ETH can lose 90%+. Of course very good chance ETH does not even get close to my target, but that's ok.
I will have a short sell order waiting just shy of the mark.
Not advice.
Note
BTC looks like it may be locking into a price tightening coil and in the 2018 collapse ETH continued its surge as BTC bounced. Both of these possibilities can allow ETH the time to complete a journey it has done before. Note
ETH is stalling and a weekly doji would be a sign of a top. Think there is a good chance 0.382 could be it right here, will wait a bit to see. Note
In consideration of Bitcoin this fib target looks much more realistic and also there is confluence in 2 projections. I'm dollar cost averaging between the 2 fibs and up to 5K. If price mainatins up and past 5K I will manually exit and look to the next fib.Note
Price has wicked through support. If Bitcoin bounces here then ETH will probably carry on up.And crypto TOTAL is still shy of the mark.
Note
ETH looks like it may have topped to me. Although it didn't quite make it to the 2.618 wave 5 fib, it has crossed the long term 1.382. It looks like it has fallen too abruptly for continuation of a wave 5 and its too close to the 2.618 for it to be a wave 4, so I'm sticking my neck out and saying the top is in, I might be wrong. I've got no SL here, I'm just going to watch, and look to build a position against risk.Also the sharp bounce here looks like a B wave to me, and if it is price can move sharply lower into the C. Could be an H&S forming.
Lastly BTC looks like it may be forming a bearish flag to continue on down.
We'll see. As I said I might be wrong. Not advice.
Note
...build a position against ETH*Trade active
Price moving down, will assess around $3.4K Trade closed: target reached
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.