We are about to test a long-term log trendline that was a support back in the summer 2017.
Additionally, Elliot Waves dictate that the first wave should have 0.5-0.618 retracement 80% of the time. So far we had only 0.3 retracement, not even reaching 0.382, which makes me believe that the first wave still has not finished. There are bearish scenarios where we are not even inside a wave 1, but rather wave B and will continue to new lows later, but so far it's too early to talk about them, let's assume bullish scenario.
Shorting from here and then longing from 0.382-0.5 retracement @ $650-600 seems to be a good idea.
Apart from reaching for the log trendline we also have a whole bunch of historical resistance in the zone $775-845.
It's hard to place a stop but $900 can be one (that would be above most of these resistance levels).
Entry- $820-840
Target 1: $650 (0.382 retracement)
Target 2: $590 (0.5 retracement, is also a great place to get a long)
Stop: 901
Additionally, Elliot Waves dictate that the first wave should have 0.5-0.618 retracement 80% of the time. So far we had only 0.3 retracement, not even reaching 0.382, which makes me believe that the first wave still has not finished. There are bearish scenarios where we are not even inside a wave 1, but rather wave B and will continue to new lows later, but so far it's too early to talk about them, let's assume bullish scenario.
Shorting from here and then longing from 0.382-0.5 retracement @ $650-600 seems to be a good idea.
Apart from reaching for the log trendline we also have a whole bunch of historical resistance in the zone $775-845.
It's hard to place a stop but $900 can be one (that would be above most of these resistance levels).
Entry- $820-840
Target 1: $650 (0.382 retracement)
Target 2: $590 (0.5 retracement, is also a great place to get a long)
Stop: 901
Trade active
Note
Note
$748, good area to close part of the trade (say like 20%) to push the stop to break even, if you shorted at @$820.Note
Support targets:Trade closed: target reached
Target 1 reached @$660.On short timeframe bulls are gaining momentum. If you want to play safe, take profit now. I closed my short but left some buy orders lower to go long if we go lower.
Trade closed: target reached
Second target reached. Now, having a long from here and then adding more if it goes to $545 is a good idea.
If you don't feel bullish, then at least closing the short here should be a good idea. 37% is a good profit (was 24% at target#1).
Trade active
Multiple coins are near good support zones. Probably a bounce should ensue soon. ETH just bounced off of 0.618 support, EOS is at a log longterm trendline support, BTC is 400 dollars above it's triangle support. Longing ETH from 540s.Trade closed manually
Closed that long from 
540S here manually, ~11% profit. New idea about new long setup and why I closed this one - 
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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.