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ETH LONG Channel trade

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While BTC is going insane and going up, I do feel comfortable with this ETH trade, we are at these lows and with BTC getting high and ETH/BTC low, it makes sense that we would see an uptick in ETH/USD when the flow switches on ETH/BTC and we should start bottoming now that BTC is spiking, at least I would imagine so.

Previous update for a little more detail -

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My entry was 454, targeting this 550 area.

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Hey Everyone, sorry for the lack of detail on this trade entry, I was trying to get it out as soon as possible since the market was moving so quickly. My previous post details the why a little bit more. We are looking good right now, I will post an update later when the market develops a little more

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Guys guys guys, this ETH trade has the POTENTIAL to be really huge. Check out this ETH/BTC chart adn ETH/USD chart. ETH/BTC is hitting this huge bottom and is in VERY oversold territory. This combination could really propel ETH all the way up to 650 if this pans out. I am in in pretty heavy at this point, at 455 and 475.

Last time this set up occurred, ETH rose from 400 to 800. Oh snaps!

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For everyone entering this trade, just remember that typically I am early to identify these set ups. Here are things we are looking for for validation or invalidation:
1. ETH/BTC to start bottoming out.
2. Breaking this final fan trendline in a push up
3. Orange uptrend line being sustained

These things are all happening at the moment, it will just take some more time to form up.

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This ETH/BTC chart I posted in the comments is to good not to post here. Check out ETH/BTC and RSI bottoms it made. Then remember the 2 bull cycles we had were dec-jan and in April. How high we go from this is the question.

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If we zoom in on this ETH pair you can see it's been knocking on this fan line i drew, no surprise that we are getting some resistance. You should be either in profit or close to break even. Once we crack 480 it's off to the races. Again, the market seems to be taking a breather before CME close.

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See these 2 EMA's on the daily? This trendline it's approaching for the 3rd time?

I imagine we should bust up above 480 here soon and when we do it will trigger a trendline being broken, resistance at 480 being broken and the 2EMA's will be crossing to the upside, weekly macd sloping up and all but crossing. I imagine it's going to be a sharp move upwards when we bust up.

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Guys remember that this trade is a LONGer term SWING trade. It's important to be patient

Look at this ETH/BTC chart again with an overlay of BTC/USD. Every time we have moved up in ETH/BTC we get a significant move up in BTC and in ETH just after. Decembers eth/btc move lagged behind it and the ETHUSD moved up just after.

We are hitting a massive trendline, support and RSI is so oversold it's ridiculous. With the breakout in BTC, i think it's going to move higher, it just takes time to form these things.

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i also suspect that the market is waiting for the weekly candle close tonight and we will get a move after that

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I stand corrected, weekly candle did close. my mistake.

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This ETHUSD still hasn't had the upside movement we were looking for. The flow of ETh/BTC hasn't switched to drive ETHUSD up. From here if you aren't stopped out already, you can wait and see if this bottom area holds above 400, or put some deep ladders in place and wait for a rebound.

You know me, I ladder my entries and my positions. I will be putting deep ladders down to $300.

Watch this 415 area, if it breaks we are going to 375.