ETHUSD [PART 2] - Another 20% Cyclical Trade?
Updated
Hey guys,
This is part 2 of our Ethereum trade thread. Part 1 can be found here:
Looking at the chart we can see that the selloff will likely continue as we trade down and within a significant falling wedge. While this is a reversal pattern, in general cryptocurrencies fully complete this pattern and crash through the bottom wedge trendline before exhausting the trend. I've created a "ghost" pattern to give you an idea of the trajectory, and here is a larger snapshot:
I am waiting for price action to consolidate at this level before re-shorting the market and taking aim at TP 2 at $123.13.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
This is part 2 of our Ethereum trade thread. Part 1 can be found here:
Looking at the chart we can see that the selloff will likely continue as we trade down and within a significant falling wedge. While this is a reversal pattern, in general cryptocurrencies fully complete this pattern and crash through the bottom wedge trendline before exhausting the trend. I've created a "ghost" pattern to give you an idea of the trajectory, and here is a larger snapshot:
I am waiting for price action to consolidate at this level before re-shorting the market and taking aim at TP 2 at $123.13.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
Note
Nearly at TP2! We have ETH trying to form a bottom...Note
TP2 HIT! YeehawwTrade closed: target reached
We're kissing the bottom of the falling wedge line! Consolidation time?Note
More selling!We've got weakness vs. BTC in the other chart. So we don't really need BTC to breakdown to hit lower targets in ETHUSD chart.
Note
Reached our next target and then had to consolidate... next wave of selling coming up?
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