Long

RSI oversold on the Daily, ETH

Updated

In the wake of worthless news driving down the market, it's important to reflect on your plans, your trading and what you are doing.

if you follow me you know that I ladder my positions. That's how I manage my risk. I have ladders going down from here to this 275-300 area on ETH. That's how I trade.

You can see here that we have an immense amount of support here on the volume profile, price and the oversold RSI has bounced from this oversold state 4 times in the past pretty significantly each time.

If you want to look for confirmation, look for this near trendline to break.

Have patience, pick your points and stick to your plan.

Happy Trading,

-Sherem

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please read the ETH/BTC post if you haven't already -

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Looks like $300 is here a lot sooner than I thought

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*coming here

Trade active

trade has already been active, but I had a great fill last night at 306.10.

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watching these buy and sell orders this morning has been intense. At one point there was a 7k eth sell order hoovering around 300. It's actually surprising we haven't gone done more with this much selling being present on the books.

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Keep in mind that if we don't hold this 275 area, we could go as low as $200. ETH just keeps getting hammered, both ETH/USD and ETH/BTC are extremely oversold at this point.

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If we crack this $275, we could go up in a hurry

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nice doji candle on the daily, we need to break this trendline for any type of sustained move up

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Hoovering at this trendline. MACD had a strong cross, but it needs follow through. we could get a big move here if ETH starts breaking up along with BTC.

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So, you should be in a great spot if you laddered your positions in. ETH is trying to bust up. continuation triangle and it's trying to bust that trend line

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And if you think it's to late. It's not! buy now. it's LOW. Enter in small, have some ladders below if you need to, just don't wait!

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we're off to the races.

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Once we get a breakout on BTC, everything is confirmed, we are confirming on ETH right now. Since I have gotten this question a couple times, my ETH target is that point D on my chart, in the 500-550 area. We could, possibly, go to 800. We have to see how things form up once we start going up and buck this down trend, which we are close confirming.

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Update:

The only on point ETH Analysis on this site?!

Sherem

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