ETHXBT: Update
Updated
Updating my previous ETHXBT chart, we seem to be retracing the recent decline.
Now, this could be an uptrend continuation setup, or simply a detour before more downside.
Ideally, you could have entered longs where I covered my shorts, (which I didn't get to do).
Currently, the lower timeframes might allow an entry on the long side, if offered with a safe setup I'll update the chart.
For the time being, monitor price action in the coming days, it's logical to see a move up to 0.03175 at least, but could even go higher.
Good luck, trade responsibly, measure your risk as % of account in any trade you take, to the level where you invalidate your analysis (if you don't have a clear invalidation, you really shouldn't be in the position to begin with).
Cheers,
Ivan Labrie.
Now, this could be an uptrend continuation setup, or simply a detour before more downside.
Ideally, you could have entered longs where I covered my shorts, (which I didn't get to do).
Currently, the lower timeframes might allow an entry on the long side, if offered with a safe setup I'll update the chart.
For the time being, monitor price action in the coming days, it's logical to see a move up to 0.03175 at least, but could even go higher.
Good luck, trade responsibly, measure your risk as % of account in any trade you take, to the level where you invalidate your analysis (if you don't have a clear invalidation, you really shouldn't be in the position to begin with).
Cheers,
Ivan Labrie.
Note
Dangerously approaching the speed line again. We broke below support, not too bullish currently. I'd be careful if long.Note
Price formed a W bottom in the ETHXBT chart, ETHEUR remains net bullish, and with big upside left.
Trade active
We're long ETHXBT.Note
Excellent progress, hold longs.Note
Testing the speed line again.The new lows and the sharp down day might be a bear trap, people must be thinking this is a head and shoulders top (I think it's not)
Note
The bitcoin rally has excited the bears in this pair, probably the H&S top crowd.Yet, the strong buying zone we observed on March 18th is holding.
Let's see how it evolves from here. It might give a good long entry again soon.
It appears to be consolidating still, so keep risk small.
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