ETH has been bouncing off of 780 long term support, and fell through long-term growth support. If it hold support at 780, new resistance will be previous growth support and should trade under that. Possible 20% gain.
Comment:
Just bounced off 780, however this is a bear market. Let's see if it stays above it.
Trade active:
Heavy bounce, up to 815 now. Trade is active!
Trade closed manually:
I'm seeing some weakness here, closed this trade. I'm waiting to see if it has some more bullish momentum.
Trade active:
I've been watching ETH the last few hours, and there is indeed some bullish momentum, so I've reopened this trade. Let's see this roll.
Trade closed: stop reached:
Oops, forgot to post my stop loss in my original idea. Stop loss (775) triggered. Seems like I was right on my second intuition to close this trade. Market still bearish!
Comment:
I made a mistake not buying directly at 780 and then taking partial profits at 10% gain (858). If I did that with my original stop loss of 775, I would have been able to let things ride while still making about a 5% gain. So even though the idea still wouldn’t have been successful, I’d have gains on the books from smart trading methodologies. Lesson learned!
Comment:
Next level of support looks to be around 630-650, so ETH may slide a bit. Going to the sidelines to see how things pan out.
Trade active:
Wow, went as low as 617. Tremendous buying, I tried to get in quick and managed to get in at 660. let's see where it goes from here.
Trade closed manually:
Closed at 717. Bearish momentum continues! This was a nice scalping play today though.