Long

Updated

ETH (& other coins): Possible Complex Head-and-Shoulders Bottom

I like this set-up, even though it is not confirmed. But most coins have set-up a "possible" complex head and shoulder bottom.

I am really curious, if this is going to work out. If we manage for example "ETHUSD" to move above 2,900 USD. Then we have a good likelihood for a rally towards ATH.

Nothing is confirmed, nevertheless I have opened already 1/3 of my standard position.

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FYI: I would open my second position above 2,900 or if we would set-up for double bottom which would be around 1,900.

Trade active

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Well... let's see.

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If bulls want to keep the inverse head and shoulders pattern in play, they have to act at this level 2,400 or there is a good chance that we see another sell-off towards the aforementioned 1,900/2,000.

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Right now, I am planning my second long position. It seems that sellers expected some more SL orders at 2,344 in order to cover shorts. Now they are doomed to even move lower or they are trapped. Anyway, I am still bullish.

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Small bounce so far from 2,200. Which is excatly where I opened my second position. Let's see if I get the opportunity to open another position around 2,000.

Trade active

First position at 2,400
Second position at 2,200

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This is happening right now. Nothing is decided yet.

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I still love this set-up. Now they are trapping people on both sides. We broke out of the symmectrical triangle, but didn't rally afterwards.

The best thing to do for me, is to do nothing and wait. Both positions are still running.

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If we really get the ABCD pattern, then we have a price tag for the CD leg and a potential short afterwards (but, extrem extensions are possible of the CD leg). Nevertheless, the set-up can still fail.

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I closed my first position with a decent +10%. The second position is still running with a buffer of 20%. Right now ETH might see some basing, ETH could see a pullback, ETH could face a bear trap and ETH could see a rally which takes us above 2,900. So everything is possible. Since I don't know the future, I only can manage the risk. Take care.

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Let's see, if ETH gets any support at this level, otherwise 2,350 is interesting for me.

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Time to take profit also on the second position. I will reopen the trade, when technicals say it is time to reopen the trade. But first, we need to brake above the orange line. 30% profit for the second position.

Trade closed: target reached

Chimbarosa

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Chimbarosa