Whats up Traders.
My last trade idea was hidden by staff because of some violations, but in that idea I pretty much was looking at possible candidates for the bottom of the bear market. My pick was $4175 and we ended up bouncing at $4000.
I did have a second candidate at $3000, and looking at current price action I would say $3000-$3600 could very well still be in play. This bounce that we’ve had from $4000 wasnt too convincing and now the current price action for is not looking good.
Looking at the chart, we have moved from the top 50% of the range to the bottom of it. and now are forming the shape of a possible , which for the new people out there means its looking to go down more . EMAs are also acting as resistance. Ive hidden them on the chart to keep the chart as clean as possible.
Therefore I think we will go down further unless we break up from the 50% range of $4400. I was long after we bounced but since we moved to the bottom 50% of this range I’ve changed my position to short, both on ETH and . Stop loss will be above the 50% range.
Maybe this will be the formation that will lead us down to 3000-3600 price level.
If you are looking to buy on spot, I def think you should get some now, and keep 50% of your fiat to buy at lower or higher levels. This is till a great price point and even if we went down to lower levels you will lose max 30-40% in value and you can dollar cost average down to a decent level that will be great for gains once a new bull run starts after some months of consolidation.
If youre looking to margin trade, then shorting off the EMAs is a great way with good R:R. If it manages to drop without you getting in or you want to wait for confirmation of a drop, then get short in on the 9 on 15m timeframe. You wont have much time, because the capitulation move will be fast and violent.
GL trading.
– Copenhagen
Published at Sat, 24 Nov 2018 03:44:21 +0000
