Poloniex ETH/BTC Short
Disclaimer: I do not know much yet. However, support and resistance come intuitively to me, as I'm sure it does for most of you. That being said, this published idea is just my under-educated thought and should not be taken as investment advice.
ETHBTC
I used a fib retracement in reverse, tracing what I believe to be the 4th wave up to look for where the correction is headed. I am not even sure if this is how you use this tool. Nevertheless I see striking correlations.
With the downward trend line acting as resistance I can only surmise we are headed lower for the time being. I believe we are making a major correction move right now before another larger (?) rally. I believe we are headed right down to the 141.4 mark, which lines up so lovely with what I consider to be wave 2. We can argue wave count; you will probably win. Nonetheless, you cannot deny the fib correlation.
I could short here if I had a larger bankroll and knew a thing or two about trading. Alas, I am just a guppy in a deep pond. I am therefore going to wait for entry at ~0.0210 level if it gets rejected (highly doubtful). If it isn't a very respected level I will look for entry near the 0.01435 mark, but I will be watching carefully for a clear rejection of that level.
ETHBTCI used a fib retracement in reverse, tracing what I believe to be the 4th wave up to look for where the correction is headed. I am not even sure if this is how you use this tool. Nevertheless I see striking correlations.
With the downward trend line acting as resistance I can only surmise we are headed lower for the time being. I believe we are making a major correction move right now before another larger (?) rally. I believe we are headed right down to the 141.4 mark, which lines up so lovely with what I consider to be wave 2. We can argue wave count; you will probably win. Nonetheless, you cannot deny the fib correlation.
I could short here if I had a larger bankroll and knew a thing or two about trading. Alas, I am just a guppy in a deep pond. I am therefore going to wait for entry at ~0.0210 level if it gets rejected (highly doubtful). If it isn't a very respected level I will look for entry near the 0.01435 mark, but I will be watching carefully for a clear rejection of that level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.