Allow me to draw another quote, from my previous post, to put the naysayers to rest. "Since a breakdown has not yet occurred, I've estimated where a breakdown might happen...Just FYI, this isn't a real target yet. This is only for illustrative purposes. It won't be a legitimate target, UNTIL WE ACTUALLY SEE A BREAKDOWN OCCUR. If a break to the upside were to occur, an upside target could be generated in similar fashion. Looking at the chart, we can see that it's really testing the top of that triangle. So anything is possible. We just have to wait and see."
Legendary traders, like myself, know how to react to the markets. We find price targets, and wait for confirmation moves, to know that the market is going to move in the direction the target. Amateur traders seem to have a difficult time understanding that concept. If you want to be a day trader, you have to react to the market. That's why I give upside and downside targets. Day traders are nimble — buying and selling and flipping with the market as required. My sentiment could quickly change from to , if that was justified by price action. The recent upside breakout, of the symmetrical triangle, gave reason to utilize my upside target. A 13% gain has occurred since then.
Looking at the chart, we can see that ETH is now a bit overextended to the upside. A consolidation, or a slight pause would be healthy for a later continuation to the upside. After having a long trade from the breakout, now is the time that I would personally take some profits off of the table. We've had a run well above the target, and a small red candle is being printed on the chart. I would look for a pullback, perhaps to the 23.6% retrace, or the 20 (in blue) before reconsidering another trade. Momentum continues to expand to the upside, increasing the likelihood of sustained buy-side pressure in ETH. Ultimately, a test of the bottom of the green channel could now be in play.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-