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Ethereum (ETH) Consolidation at support. Long/Short setup.

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Ethereum has dropped out of the 245 range and is currently testing support. On my last call, I expected another rally to 250+ so most my short orders were near that area. I had one short fill at 249, so am currently up 10% on 15% of my capital.

For my trade, I will be using my fractal strategy to set up a stop loss and entry area. For this to be bullish we should be consolidating yet also not breaking many bear fractals. Right now 217 should be the stop loss.

Therefore, long if we hold this area and support is defined clearly. Keep in mind this support has just been formed and has not been tested so it is hard to define the best long entry and stop loss. Do not jump in now. There should be 10+ more hours for us to work with. Set some alerts so while you are at work you can monitor this trade. I personally am long at 220 USD and have a stop 217 USD. This is because usually the first/second bear fractal is the lowest during bullish consolidation.

I will wait for 2 more bear fractals to jump in with a good amount of capital.

Long:
220 USD

Stop:
217 USD

Take profit:
234 USD

Short if the bear fractal is broken and we continue downwards.

Short:
218 is broken (not a wick)

Take profit:
208 USD

Stop Loss:
Above the high of the bull fractal that will be formed. I will update as currently there is no good example.

Thanks for viewing! You may find the failed trade that lost me 1% and others in the related ideas below. I appreciate every single follow and like.

If I long/short, I will update the idea. As mentioned above, I am in a small long since 220 that will likely get stopped out. But the risk is worth it as the first/second bear fractal has a good chance of being the lowest.

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Do not long until support is defined. This is important to set up a good entry.

交易結束：目標達成

I shorted 215 and closed 208.

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BTC may go to 6900 but ETH has topped 250.Too many longers trapped up there.

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Wall moved to 6400. This may be the bottom for now.

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