#ETH 2400Hit bottom? Was yesterday’s sell-off the start of another downturn? Today’s Ethereum strategy has been updated—check it out and please give it a like!
First, a quick recap of yesterday’s Bitcoin strategy: the long trades paid off several times. I set an order to add to my position last night and went to bed. Overall, it was still profitable.
Last night’s drop liquidated quite a few long positions. After several attempts to break to new highs, this pullback reminded me of the last time, when the market reached an interim high around 82,500 and then fell in a choppy decline all the way to 58,000, with Ethereum dropping to around 1,500.
Will this just sweep liquidity, or is it the start of a downward wave? There’s little point judging by this one drop alone. The key is whether the price breaks below 80,000.
Some people say the bull market is here, but I’m not that optimistic. The U.S. has three aircraft carriers deployed, the Middle East is even more turbulent now, Treasury yields are above 5%, and we still don’t know how the midterm elections will turn out. Even if a bull market really is coming, it won’t happen that quickly. I’m not going to make grand promises.
It would be even better if the price drops further—we could build a few new long-term positions. If it doesn’t drop, I’ll trade the daily moves: one day at a time. Take profit and leave; if it hits a stop-loss, exit.
Today’s Ethereum strategy:
Short
Limit order: 2488
Add to position: 2533
Stop-loss: 2545
Take-profit: 2444, 2408
Note: These are my personal entry levels. Use strict stop-losses;
First, a quick recap of yesterday’s Bitcoin strategy: the long trades paid off several times. I set an order to add to my position last night and went to bed. Overall, it was still profitable.
Last night’s drop liquidated quite a few long positions. After several attempts to break to new highs, this pullback reminded me of the last time, when the market reached an interim high around 82,500 and then fell in a choppy decline all the way to 58,000, with Ethereum dropping to around 1,500.
Will this just sweep liquidity, or is it the start of a downward wave? There’s little point judging by this one drop alone. The key is whether the price breaks below 80,000.
Some people say the bull market is here, but I’m not that optimistic. The U.S. has three aircraft carriers deployed, the Middle East is even more turbulent now, Treasury yields are above 5%, and we still don’t know how the midterm elections will turn out. Even if a bull market really is coming, it won’t happen that quickly. I’m not going to make grand promises.
It would be even better if the price drops further—we could build a few new long-term positions. If it doesn’t drop, I’ll trade the daily moves: one day at a time. Take profit and leave; if it hits a stop-loss, exit.
Today’s Ethereum strategy:
Short
Limit order: 2488
Add to position: 2533
Stop-loss: 2545
Take-profit: 2444, 2408
Note: These are my personal entry levels. Use strict stop-losses;