ETH intermediate bottom has been formed!

POLONIEX:ETHBTC   Ethereum / Bitcoin
Hi all Followers,

Today we are going to take a long position with a very nice R/R.
Target: 1900
Stop-loss: 1500.

There have not been many opportunities lately in ETH from TA point of view, other than the long-term short I posted in Behemoth analysis, up until now.

  • A strong bottom at 1500 has been found and established, turning previous massive resistance from February into our rock-solid launchpad. There has been extraordinarily high volume on the sells and yet Bullish Divergence has been created. Those are signals you want to see before a reversal, and they are here in their purest form.
  • During today's rise of bitcoin             from CNY             3000 to CNY             3027 (new highs!), ETH held very strong and has not dropped. This signals a strong underlying market structure.
  • Red trendline has not been visited in a long time and we have ventured far away from clouds as well. Time to visit the old friends.
  • The rest of the TA is explained in the chart.

There have been numerous news and rumours that emerged in the past 24 hours, all of which are very positive. The following are big ones:

Happy trading! :)
Bình luận: Took some profits at 1640 (100 pips profit, ~50% of position).

Target for reloading longs at 1600.
Bình luận: 460 pips profit vs 40 pips risk... that is more than 10:1 R/R, so I will be gradually taking profits whenever I see as fit, but will always keep at least 25% of the long position until target is hit or until TA says it will not get hit.

In both cases, it will be announced in the comments to this idea.

We have to keep this daily chart in our minds and be cautious:
Đóng lệnh: đạt mục tiêu: I closed all but 25% of my position on 1850 just 1 minute ago. It is the top of 1hr cloud and I expect a retrace here.
Đóng lệnh: đạt mục tiêu: Closed the rest of the position at 1750. Very nice 210 pips profit!

This is as soon as I could update, because we have seen swings of several % per minute and I think nobody has time to read anyways.

Here is screenshot.. ofc its not size what I trade, but I am not disclosing that here.

I am very happy for this trade. 210 pips profit vs 40 pips risk. 5:1.

For me, this trade is finished.

Happy trading! :)

P.S. Once I see a really good setup again, I will publish an idea. Until then I will be available in the TV chatroom Cryptocurrencies, doing scalps from time to time.
Phản hồi
MarcelV PRO Zohaib_Malik
what's the suggestion? something like this?
Phản hồi
Sell the breakout! I m thinking that after this low now it can be break upside! So better to stay away during consolidation!
Phản hồi
Well done... Thank you for sharing your idea with us!
+1 Phản hồi
MarcelV PRO swifteagle
Thanks for the appreciation! :)
Phản hồi
closed at 1685 is a bit early
+1 Phản hồi
MarcelV PRO Sasukeevil
Let's find out soon :)
Phản hồi
Sasukeevil MarcelV
missed 1690 with fat fingers and it went down to 167x so fast :(
Phản hồi
Sasukeevil MarcelV
I'm regretful why I'm so stubborn...
+1 Phản hồi
MarcelV PRO Sasukeevil
haha yea but in the end u were right :) 120 CNY drop was the missing fuel we were looking for in our trading idea. :) sometimes stubborn can be good !
+1 Phản hồi
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