I'm entering this short because of December 23rd and Jan 1 resistance. Eth has pumped nearly 50% in the past 11 days - incredible.
Until Ethereum has a daily close above 160 I think this is a reasonable area to start a short or tighten a stop if I was still long. That said the market is definitely bullish on charts with Day candles and smaller.
Tom DeMark's sequential indicators are on an 11 count of 9 on the 4hr - so i expect at least a daily pullback. The divergence on the RSI is just a heads up that momentum is slowing.
I am looking to hold onto this trade until Thursday's close at max.
You could look for an entry closer to 152, but I'm sizing in a sixth of this account.
Entry - 147
Cut - 152.50
Target 1 - 136
Target 2 - 127
Until Ethereum has a daily close above 160 I think this is a reasonable area to start a short or tighten a stop if I was still long. That said the market is definitely bullish on charts with Day candles and smaller.
Tom DeMark's sequential indicators are on an 11 count of 9 on the 4hr - so i expect at least a daily pullback. The divergence on the RSI is just a heads up that momentum is slowing.
I am looking to hold onto this trade until Thursday's close at max.
You could look for an entry closer to 152, but I'm sizing in a sixth of this account.
Entry - 147
Cut - 152.50
Target 1 - 136
Target 2 - 127