First, it's imperative to identify the trend. ETH has been sideways for a few days and now is getting ready to go in either direction. I am at this point so I am betting that it will surge upward towards the $600-$605 range.
I first look at coinmarketcap.com to see the overall market activity to make sure I am not buying into a withdrawing market. As I am writing this, the market cap is at 327billion. It has been fluctuating from the low 300's to the highest point of about 330billion.
I believe we will hit a low of 320billion and then a surge of new money will come in maybe hitting that 340billion mark then see a nice sell off.
I am going to list most of the indicators that I have on my checklist.
+ EMA's of 12, 21 and 55.
+ I draw lines on the
+ Use Fib retracer from the trend reversal point. Since I am , I am looking at the .382 level and above. Strong support in the $485-492 area.
+ At the end, I like to zoom out and use the to somewhat check my work.
I've been wrong before but this system I am creating for myself helps me manage my risk. I always use STOP LOSS and I stick to my plan. I am selling at least 65% of my holdings when we hit the $585-$592 range.
I am sharing my idea on TV so I can keep records of my trades because I want to get better. Please, if you have any constructive criticism, I would appreciate it if you shared your thoughts with me.
I was expecting a slightly stronger pullback but the selling volume isn't there. This can only mean one thing. Moon Soon.
GL. Trade with caution.
Will add to my bag if it drops again. Until then, keep your seat belts on.