Now here is the trade, if you look at the over the past 2-3 days and compare BTC with ETH you can see who is holding up better - it's ETH. Been up since yesterday, while BTC has just started the run today.
Now that the crypto market is showing positive signs for another run, whether it is a new long-term trend or just a short-term bounce we'll see about that. But what I'm going at is the short-term trade.
In the 60 minutes TF we see a clear breakout 750.00 , very similar picture across all major cryptos I might add. I think we're seeing a larger forming with target level within the channel on the short-term basis to be 820, if we breakabove that the 840 to 860 levels.
I would cut my losses if we break below the 740.00 level. Why? If you look at the previous few candles low, that is where we bounce.
I like keeping things simple - Channels, one simple MA, and such. Rounded numbers.
Please let me know what you think. Cheers people!
Now my view on a larger picture, Daily Chart, is still positive this trade was based on the 60 minutes chart and previously established uptrend channel has since failed so we need to close the trade.
...again I'm still quite positive on larger trend and will update you guys again if I see a potential run-up forming.
In conclusion, if you can tolerate the risk maybe give it $740 - 720 see if it holds but DO NOT let the losses run below $700 because that's a solid sell signal.