Short

ETH/USD - Short opportunity

Updated

Incomplete corrective structure with no volume on the bounces favors a short term short trade.

WXY lines in better -for now- since there are ABC corrections of a smaller degree. Alternatively, its a leading diagonal with a deeper correction.

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Its missing a wave, stop loss adjusted accordingly to match the new targets and pitchfork resistance.

Trade closed manually

Took a second look, it should top around $800. Thanks LogicalDeduction for the comment and saving me from the trouble. ;)

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There is some "fib fight" between .5 retracement of 2 pivot points. Although this makes it hard to know its final move, its perfect for scapling according to the different scenarios.

EXAMPLE

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Although the price action is pretty choppy, i think its safe to asume that we have a 3 waves A and 3 waves B structure. Trading range between the two .5 fibs is still there so we can take advantage of that.
This is a potential scenario if this level doesnt hold ( again).

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BTC pair is slowly slopping down, very close to the potential top, imo.

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The price action near the 14th makes it very tricky to find a count here. One scenario is this being a big ABCDE B wave and continuing lower (bear) and the other one (Bull) is this.

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It depends on the BTC pair, which i believe it has some juice left, not much but enough.

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Its probably missing one more leg down ( just like Bitcoin), no signs of going long yet.

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If you are long, be careful as its approaching 630$. Looking good for now, no sign of weakness, yet.

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Price action on 30 mins is very artificial, but if you want to go long keep an eye on the BTC pair, it may double bottom. USD pair looks like its on the 3rd of the 5th but i cant confirm it on lower tfs.

Look for an entry on the box i posted 2 pics above, but keep an eye on the BTC pair for confirmation. Should perform better than BTC if it bounces there.

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If this area doesnt hold, next long is at 505 ( binance chart).

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If this level doesnt hold on the BTC pair, next support is at 0.07. Also, if you are thinking of shorting it you should take a look at the ETHUSDSHORTS first, just saying.

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There is still no bullish confirmation here but its getting there.

Apart from that, i have to rant about something. There are a few "traders" trying to get the Top author with various ways.

1) Gamblers are not traders. Phil ( proindicators) is trying to teach you that on almost every single video that he makes.
2) Marketing 101 - Offer free samples if you want them to buy your product.

I understand that most people dont have the time or want to put the efford on learning, but following someone blindly may look good in the begining but it may take a turn later on. Thats myself included too, obviously. DYOR is a real thing and not just another meme.

IDK about you, but as far is i know, VERY FEW people are ALWAYS nice in real life and i can guarantee that very little percent doesnt promote their products online.

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Oh yeah, forgot this. No further updates here unless it dips again.

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I decided to post ICX and EOS ideas istead of Bitcoin since this count was around and i didnt want any drama. There are a few variations but i went with this as a main. In case someone wants it, im posting it here.

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It looks kinda healthy on the USD pair but not that good on the BTC pair. If you are trading it be carefull at 604 and 620 areas.

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Acel

Also on:

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