Quick update for everybody that is sitting on the edge of their seats. The crypto markets treated us with some awesome volatility today and there was some good money to be made (or lost) for the day trader.
We can see that Ethereum broke out of of the channel for a nice little breakout trade before the sellers stepped in and pushed the prices back down.
Prices fell sharply and broke through $1000, we briefly saw the prices in the $900 zone where we saw some heavy hitters buying up the fear.
We can see that momentum is quite bearish and I am sure that the bottom trendline will get tested again. Channels in such a bull market usually perform very well, but we will keep an eye on it and see what happens.
A lot of traders got rekt in this move today (longs and shorts) and its a good reminder that you are playing with the big boys.
I am still bullish on Ethereum long term speaking, for traders long off earlier prices you can put your stop loss under $900, or just below $1000 if you would like to play it safer.
Feel free to discuss this trade idea with us in our awesome new Discord hangout! Safe trades.
- This reply was modified 1 year, 4 months ago by margincall. Reason: grammer/spelling