Picked up $ETH on a recent bounce off support. Plan on riding our trend to two targets, both reinforced by resistance lines established over the last two months and fib retracements - looking to pull profits out at each target.
We could see a slight pullback overnight as the 1/2/3/4 hour RSIs are topped out, looking to bounce off our support and jump start a run. Daily RSI supports our decision, nearly bottomed out telling us it's oversold. Keep an eye out to make sure we don't break below our trend line - *especially if BTC goes on another run or sees significant pullback leading into the next to hard forks*. The safer play would be to wait for an additional confirmation, bouncing up and over our minor resistance around $320; but what's the fun in that? :P Situation is definitely fluid.
Buy: $310
Safer Buy: $320 (waiting to break a minor resistance + fib line)
Target 1: $349
Target 2: $394
Stop: Trailing stop along trend line, stopping out once we break South and close beneath the trend line.
Trade at your own risk, not trade advice. #DYOR
We could see a slight pullback overnight as the 1/2/3/4 hour RSIs are topped out, looking to bounce off our support and jump start a run. Daily RSI supports our decision, nearly bottomed out telling us it's oversold. Keep an eye out to make sure we don't break below our trend line - *especially if BTC goes on another run or sees significant pullback leading into the next to hard forks*. The safer play would be to wait for an additional confirmation, bouncing up and over our minor resistance around $320; but what's the fun in that? :P Situation is definitely fluid.
Buy: $310
Safer Buy: $320 (waiting to break a minor resistance + fib line)
Target 1: $349
Target 2: $394
Stop: Trailing stop along trend line, stopping out once we break South and close beneath the trend line.
Trade at your own risk, not trade advice. #DYOR
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Cleaned up the visual a little bit...
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Stop hit, safe entry never reached.
However, we seem to be in the 2+ month sweet spot showing accumulation around the 50% fib line. It may be worth placing a bet for a possible alt run beginning this coming week. Otherwise, next support looks to be around $287 with another major support around $275 on the trendline.
However, we seem to be in the 2+ month sweet spot showing accumulation around the 50% fib line. It may be worth placing a bet for a possible alt run beginning this coming week. Otherwise, next support looks to be around $287 with another major support around $275 on the trendline.