Volume has been decreasing since the bottom reversal and we have entered a consolidation period where a breakout is nearing.
This Trade could play out in 2 ways,
Upside : Price Breaks through resistance at 850, Hits Horizontal resistance from major downtrend, tests resistance turned support at 850, and then continues a upward move to 1000USD. Potential for a Inverse Head and Shoulders after this move if price does not break 1000k
Downside : ETH Fails to break resistance at 850 and retests horiztonal support at 800-810, Price then breaks to the downside and retest previous lows.
Follow Me on twitter @CMagician34 for more crypto updates and ideas as well as NBA talk #Celtics #18
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Strong out confirmed by spike in volume above 850,
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Trade active, Buy in at 856, Stop Loss 840
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We are just waiting for BTC to join the up move lol
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850 support held, and ETH has now broken abo horiztonal resistane, 1000 is the next Target.
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Testing Support again, Stay alert.
I cashed out at 891 and will look to rebuy if there is confirmation of support bounce.
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As Part of my scalping strategy I look for sell opportunities where I can rebuy an equal position in the trade.
For example, I sold at 891 when I saw a bearish divergence in the MACD, and I now look to buy the same position (10eth) 10-20 pts lower once we have confirmation that support holds at 850.
This equals 100-200 USD which covers my stop loss risk from original buy in (857 buy, SL 840)
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Stop Loos reached, 850 + MA100 Support broken, and Eth has formed a Bear Flag, Watch out for a drop.
My Scalp Trade Covered 80% of my loss from 856- 840
900 was also the 0,62 Fib retracement from bottom.
Agree, most likely we will re test bottom though, we are not seeing any volume, ovearhead resistance is probably 3x the of the orderbook size, if someone decides to take a dump we will plummet.
I'm watching on the sidelines now for a confirmation of this breakout attempt.
CryptoMagician34
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@ethhunter, binance has just started to allow traded again, there might be a bump in volume there, forcing volume to pick up on bitfinex. Time will tell
CryptoMagician34
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@ethhunter, Also, typically there is a decrease in volume with ascending triangles and then a spike right before the breakout. We may even retest support line again and then breakout of resistance at 850
ryantrantan
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target 925 to take profit
CryptoMagician34
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@ryantrantan, whats your reasoning? Part of me feels like momentum is slowing down so you might be right, but there is plenty of room on the 4hr and 1D RSI. also the Daily MACD is getting close to crossing
I'm watching on the sidelines now for a confirmation of this breakout attempt.