Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.
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In the meantime, I closed my long position already. If we get a convincing close above the swing high of $1033 I will re-enter on the long side.
ETH/XBT has completed a long trek to the bottom of the 5th square on a shorter-term bear setup on the 8-hour chart:I am cautiously bullish this chart, for now, though a close above the 1×1 gann angle (45 degrees) would give me a bit more confidence.
It seems that there are targets at the 2nd and 3rd arcs, at ~ $9.70 and 12.70, respectively.
Believing there is a “reasonable” possibility that the long correction from the mid-year high might be over, I have plotted a bull setup on this chart:
As regular readers of this column will realize, we have been discussing the $1020-1030 area for several weeks as a likely place to see a possible trading opportunity on the short side. Well, we are now there. Bitcoin price hit the top of the 5th square on a shorter-term setup on the daily chart.There are many reasons to justify going short here, but I tell you honestly, I just can’t bring myself to do it yet. For reasons visible on a 2-hour chart (not shown) I will consider shorting when/if we get a close below $1000.
Ethereum is showing signs of life, as is eth/xbt.Here we see a 4-hour chart of ethusd. While overall the chart does respect the setup very well, I note that the July panic low was stopped by the 3rd arc pair and the more recent swing low happened right at the end of the 5th square.
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