Ethereum (ETH) Short and long setup. Preparing for next move.

Ethereum has broken through 198 causing us to long in the last trade, hitting our first target on Bitmex.

Currently price looks weak so we may have a short entry below 214.7. If price breaks a certain area, it signifies strength and triggers a long.

Short
207 USD

Stop loss:
215 USD

Long:
215 USD

Take profit:
222 USD

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İşlem aktif:

Short is now active.

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When we hit 203, lock in some profits as we may rebound then. If we make a weak rally, you may add to your short position.

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If price can move above 215, close shorts and flip long. In theory we should keep breaking the bear fractals.

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Looks like forced demand on Bitcoin due to the curve down. The Eth fractals also seem to point down, so if you want to enter, a short would be fine.

Do not enter long here until we see strength.

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Low chance of descending channel

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So far trade is doing well.

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This looks bullish now. Rally upwards may be soon. I will switch long if we do not break the bear fractals and break the bull fractal.

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Price should not go below 207, wait for 210 to buy in.

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ETh price didn't hold 210, short still active.

İşlem kapandı: hedefe ulaştı:

203 reached, set take profit slightly above in case of rebound

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I believe 187 will be reached eventually.

İşlem aktif:

New chart will be updated soon when I have time

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The BTC dump triggered stop losses allowing liquidity to long while the pump did the same and allowed them to exit/short.

This is why the ETF will not be approved due to the low volume that allows for manipulation.

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Either way we have set a take profit and have secured the gain with small slippage.

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As Ethereum is influenced by Bitcoin, if Bitcoin rallies to 6900, I expect an Ethereum near 232.

Keep in mind Ethereum had its top many days before Bitcoin did and I fully expect the top to be 220-232.

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Possible new setup I am looking into.