This is part 2 of our Ethereum trade thread. Part 1 can be found here:
Looking at the chart we can see that the selloff will likely continue as we trade down and within a significant falling wedge. While this is a reversal pattern, in general cryptocurrencies fully complete this pattern and crash through the bottom wedge trendline before exhausting the trend. I've created a "ghost" pattern to give you an idea of the trajectory, and here is a larger snapshot:
I am waiting for price action to consolidate at this level before re-shorting the market and taking aim at TP 2 at $123.13.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
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Nearly at TP2! We have ETH trying to form a bottom...
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TP2 HIT! Yeehaww
أغلقت الصفقة: تم الوصول للهدف
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We're kissing the bottom of the falling wedge line! Consolidation time?
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More selling!
We've got weakness vs. BTC in the other chart. So we don't really need BTC to breakdown to hit lower targets in ETHUSD chart.
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Reached our next target and then had to consolidate... next wave of selling coming up?