ETHUSD - Long triggered with bullish pinbar at support


Trading Ideas


ETHUSD - Long triggered with bullish pinbar at support
Ethereum / Dollar BITFINEX:ETHUSD

TL:DR - Long after the formation of a bullish pin bar off of predicted support at $450. Stop loss at $447. If price gets to $381-$400 I am all in.

This is the ETHUSD chart with 1 day candles. The broader symmetrical triangle that has been on my charts for months remains intact. After price consolidating for 7 days it finally made a decision and broke bearish . My long at $612 on a potential inverse H&S got stopped out and I have since been waiting for another opportunity to get in. Numerous chartists, myself included, have $450 as a target for support. After this $381, the low from early April, would be the next target setting up a potential double bottom reversal.

At the moment, and especially if you look at the 12h or 6h time frame, Ethereum has put up a bullish pin bar and bounced right off the predicted support around $447 (technically $450 but charting is very imprecise). I am going long with 3/4 of the cash I have been holding onto for trading. A stop loss at $447 will be placed and if broken I will go 100% long as we approach the $381-400 support.

This is my busy week at work so I won't be able to update much.

***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***

Continue reading...