ETHXBT: Short or sell for Bitcoin here

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Analysis on chart.
There's one day left for this uptrend, the activity in the top reeks of profit taking, and the enviroment is that of a topping formation, with people getting very emotional and hyped about it, and complacent, and 'happy' with its progress.

Time at mode weekly setup time runs out in one day, at least consider selling if you're a holder.
Thank me later.

Cheers,

Ivan Labrie.
Time at Mode FX

PS: Contact me privately for consultation, mentoring or trading signals. See my profile for details.

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ملاحظة

Watch for 0.0387...if not hit in 3 days, it might further confirm the retracement or reversal idea.

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ملاحظة

Time's up, and pullback.
Now, let's see how the day closes, and how it moves in the coming days.

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ملاحظة

The retracement has been contained for now, this is a considerably bullish bar if it closes like this.
I'd still look into getting out of longs if in.

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ملاحظة

We can take the short now, stop loss can be fairly tight.

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ملاحظة

New daily high doesn't look too good, but overall we could see continuation down.
I'm not in any position for now.

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تم فتح الصفقة

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ملاحظة

Very nice progress with our shorts.

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تم إغلاق الصفقة يدويًا

Out of shorts for the time being.

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ملاحظة

Support breaking down, we might see lower prices.

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ملاحظة

Shorted 0.03, sl 0.035, covered 0.02274.

We might see new highs considering the recent price action.

See Tim West's publication on this subject for more information. This setup was more of a warning for longs to book some profit before a fall.

Clearly the sentiment extreme and the technical setup were correctly diagnosed.

Cheers to everyone who sold and shorted...and even more to those who flipped long at our exit!

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ملاحظة

I wouldn't be surprised if we break the high here...one day after my post, within 2 months.