Ethereum Daily Dose 3/12/19
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There is a current long position open at $132.39 as noted in the text of chart.
Profit target is $150
Stop loss is $132.60
We have been in a range for a little over two weeks now after that awesome micro bull run.
Currently, I have a strong inclination that we are in a Wyckoff reaccumulation phase so I am trading as such. There has not been any distribution phase where we consolidated so this is what I'm going to hang my hat on. We did not break through one of my triangles at $132 so I still have faith that bears do not have control. Current long and short positions are neck and neck so I do not expect a long or short squeeze incoming.
It is quite possible that we have bottomed out but at the same time if we break below $113 I would be extremely bearish. In my opinion, it is impossible to tell at the range that we are in and I would prefer not to guess. I am trading very conservatively here, only trying to long or short heavily when we make at least a new local high or low.
In fact, the only reason why a long at $132.39 was reasonable is because the drop was not strong enough, and because of our possible reaccumulation phase. If you look at the chart you will be able to see the characteristics are all there, especially the volume profile. Every sequential drop from $170 had decreasing volume. Bullish divergence is hidden on the 1HR but that is to be expected in such a ranging market. We have failed to make a new low but I am still holding on to this long position because of the great price I was able to get ETH @ $132.39.
As always, I will be patient rather than aggressive here. WAY TOO DANGEROUS.
Profit target is $150
Stop loss is $132.60
We have been in a range for a little over two weeks now after that awesome micro bull run.
Currently, I have a strong inclination that we are in a Wyckoff reaccumulation phase so I am trading as such. There has not been any distribution phase where we consolidated so this is what I'm going to hang my hat on. We did not break through one of my triangles at $132 so I still have faith that bears do not have control. Current long and short positions are neck and neck so I do not expect a long or short squeeze incoming.
It is quite possible that we have bottomed out but at the same time if we break below $113 I would be extremely bearish. In my opinion, it is impossible to tell at the range that we are in and I would prefer not to guess. I am trading very conservatively here, only trying to long or short heavily when we make at least a new local high or low.
In fact, the only reason why a long at $132.39 was reasonable is because the drop was not strong enough, and because of our possible reaccumulation phase. If you look at the chart you will be able to see the characteristics are all there, especially the volume profile. Every sequential drop from $170 had decreasing volume. Bullish divergence is hidden on the 1HR but that is to be expected in such a ranging market. We have failed to make a new low but I am still holding on to this long position because of the great price I was able to get ETH @ $132.39.
As always, I will be patient rather than aggressive here. WAY TOO DANGEROUS.
Nota
Took some profit stop loss so entry was lowered. Stop loss $131, price hit $131.50 so luckily I didn’t get stopped out...yet.
Penafian
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