On the hunt for setups - Crypto trading
12/01/2019/11:00CET
Now with our BTC trade closed with a modest gain, let's go on the hunt for potential new setups.
Ether
Daily chart...
- From the recent low of 83usd we had a sharp rally to 167usd - almost a 100% gain.
- In the last 3 days we have retraced 50% of that
- Any observant trader would have seen the potential for resistance at the 100dma (orange)
- We are retracing back to the 50dma (green)
- And we have already dropped below the 21edma (blue). This is the momentum indicator. (to be fair, this indicator has turned down which is not positive)
2 possible scenarios:
- retest and bounce off the 50dma. This move will be confirmed by a break upwards past the 21edma.
- retest of the lows at 80usd, and then a bounce rally. This move will be confirmed when it break upwards past the 21edma.
Then there is always the chance for a deeper bust :-(
As always guys, leave comments, have fun and trade safe.
Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.
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