ETHEREUM Short - Top or Retracement

15 мая 2021 г.

I'm currently in a short from $4150. See my previous ETH thread for details. Now the next question is whether this is a top or a retracement. For now price needs to make a lower low LL below $3500 to really show a downtrend. If it gets there then I will consider price to be at least in a Primary wave correction.

As per Elliott Wave it is very common for a 5th wave correction to retrace back into the territory of wave 4. So if a downtrend is on then the correction could find its way back to the $2040 - $1293 range.

If price has topped however, price could go much lower. I would be targeting the 0.5 fib $595 to the 0.618 $371.

For now price is yet to pass first hurdle and I'll just watch and see how it behaves. If it could even get to the previous wave 4 that would be a very tasty short.

Shorting is very aggressive. I don't recommend it. This is as much to hopefully show some skill. Not advice.

15 мая 2021 г.

Сделка активна

17 мая 2021 г.

Заметка

Price has tested and rejected horizontal neckline of H&S, will probably carry on down from here.

19 мая 2021 г.

Сделка закрыта: достигнута тейк-профит цена

I'm all out here at 2K and will consider to stagger back into a short position once ETH and BTC reach resistant points.

Its been a great trade.