I’ve been watching the Crypto markets for almost the whole year and I believe now is the time to turn bullish.
ETN had really huge volume yesterday it was at 1.2Million$. Which is huge since we normally trade at 200k$.
But its still nothing compared to the highs of 2017, where volume peaked at 40M$ (ONLY Cryptopia!) and I believe this is what we need to move back towards these price levels (1000sat~ or around 20cents).
Also a word of warning. Our last bounce was also with similar volume and we didnt manage to hold. So having a stop loss in mind will be very clever.
So here is my trading Idea based on Eliot waves and Fib retracement.
Timeframes may vary a lot from what I did draw so its more like an idea about where we may see resistance and support and not actual dates of when ETN does what.
So my current buy zone would be anywhere around the 0.236 Fib line (Red line).
Stop loss would be a little under that. I wouldnt put an automatic stop loss since you may get triggered out to easily because of volatility.
Profit taking would be on the way up towards around 240 sat or more.
And If you plan to stay with ETN for longer I like this strategy:
- So your first stop loss will be under 0.236Fib line.
- IF we cross the 0.618 Fib Line Stop loss moves there.
From that point on we will have to re-evaluate.
What do you think ?