Hello again,
Ethereum continues to show massive strength, nearing the $300 level after going parabolic last week.
BULLISH VIEW: If the trend continues, we may easily break through the $300 level and retest it as support. A daily close after the retest is confirmation to enter a swing long with a target of $350. How we react at the $320 level is key, and if we lose it easily, bears will start to take control longer term. For those with a higher risk tolerance, now may be a decent level ($270-280s) to enter to gain the most out of this move.
BEARISH VIEW: Ethereum has had a massive spike upwards, and the daily MACD and RSI are showing signs of exhaustion. Ideally, this move should continue no higher than $320 (preferably $305) before a massive correction down to the $240 region and eventually the low $200s.
Keep in mind 30-40% corrections are normal in parabolic movements, and as long as we can consolidate and not continue to drop further into the $100s for a sustained period of time.
I lean bullish, however, as a trader you must be prepared for all scenarios and have a plan ready BEFORE a major move happens. Up or down, there is money to be made both ways.
This is a long term swing trade, and it would be advantageous to take profit at the levels mentioned above. As always, use your best judgment and act in accordance to your own personal style.
What do you think?
Is this finally the moment Ethereum makes major move? Let me know what you think in the comments!
Ethereum continues to show massive strength, nearing the $300 level after going parabolic last week.
BULLISH VIEW: If the trend continues, we may easily break through the $300 level and retest it as support. A daily close after the retest is confirmation to enter a swing long with a target of $350. How we react at the $320 level is key, and if we lose it easily, bears will start to take control longer term. For those with a higher risk tolerance, now may be a decent level ($270-280s) to enter to gain the most out of this move.
BEARISH VIEW: Ethereum has had a massive spike upwards, and the daily MACD and RSI are showing signs of exhaustion. Ideally, this move should continue no higher than $320 (preferably $305) before a massive correction down to the $240 region and eventually the low $200s.
Keep in mind 30-40% corrections are normal in parabolic movements, and as long as we can consolidate and not continue to drop further into the $100s for a sustained period of time.
I lean bullish, however, as a trader you must be prepared for all scenarios and have a plan ready BEFORE a major move happens. Up or down, there is money to be made both ways.
This is a long term swing trade, and it would be advantageous to take profit at the levels mentioned above. As always, use your best judgment and act in accordance to your own personal style.
What do you think?
Is this finally the moment Ethereum makes major move? Let me know what you think in the comments!
הערה:
My target of $240 was hit. ETH looks weak here, and is likely to sell off after a relief rally around $250. From here, I am expecting the last final drop which will be major, but offer multiple opportunities to accumulate below $225. In the long run, these small differences do not matter much so if you are trading, it is imperative to remember the #1 goal should be risk management and capital preservation.
Conclusion: I am a buyer below $230, and aiming to accumulate a sizable long term position around the $200 region.
Conclusion: I am a buyer below $230, and aiming to accumulate a sizable long term position around the $200 region.
עסקה סגורה: היעד הושג:
ETH has exceeded original target of $300, peaking at $310. Trade closed.
For bullish view: A HTF close above $264 would instill confidence to the upside.
For bearish view: A HTF close below $260 almost guarantees more downside to the lows we saw yesterday.
Given that this is a long term play, the choppiness we are seeing now is just noise. Corrections are normal, the end goal ($300+) is all that matters.