ETH is looking bullish here!
1) The trend flipped back up
2) Price went sideways in a trading range for a few days to consolidate the move up and see if it wanted to dump again
3) Price never even touched the bottom of the channel: it continues to get bought up
4) Each touch of resistance weakens it. This'll be the third touch and BTC is already going for all-time highs.
ETH usually pumps (and dumps) harder than BTC. It's kind of a way to use leverage without using leverage.
2020 stats for this trade on ETH:
36 trades
64% win rate
4.4 profit factor
Target: open
Stop: $584
1) The trend flipped back up
2) Price went sideways in a trading range for a few days to consolidate the move up and see if it wanted to dump again
3) Price never even touched the bottom of the channel: it continues to get bought up
4) Each touch of resistance weakens it. This'll be the third touch and BTC is already going for all-time highs.
ETH usually pumps (and dumps) harder than BTC. It's kind of a way to use leverage without using leverage.
2020 stats for this trade on ETH:
36 trades
64% win rate
4.4 profit factor
Target: open
Stop: $584
Note
+5% move, almost immediately.I like to keep my trading simple. Put a $15 trailing stop on this and let it ride, OR close the trade when it falls below the basis (middle of the Donchian channel).
Note
ETH is now in a trading range and consolidating. It's OK to take profit here if that's your thing, it's a +10% move! Personally, I'll ride the trend until it ends.Note
I'm taking profit here in the middle of a trading range for a +10.4% move. ETH is underperforming BTC on the run up. If ETHBTC starts moving up again, I'll get back into ETH. But for right now, BTC seems to be the horse to back.Trade closed: target reached
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Disclaimer
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.