Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/02/23

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Market Overview

• Price Action: ETH, along with Bitcoin and the rest of the cryptocurrency market, experienced a heavy sell off yesterday, causing fear and panic and prompting many to question whether the bull run is over. In the chart to the left, we see that on the higher timeframe (4H chart), we are actually bouncing off of channel support, which coincides with the 200MAs. So long as this confluence of levels hold, ETH should be able to consolidate and have another run. Should this support zone ~$1550 break down, we need to be very careful that perhaps there will be prolonged downside.Currently I am not touching my HODL portfolio just yet, still HODLING strong.
  
• Chart Patterns: N/A
  
• Areas of Interest: The area(s) of interest for me are the 200MAs @ $1820-1850 and the lows @ $1550. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.
  

Trade Setups
Below are the potential trade setups that I would be interested in trading:

Long Trade Setup #1: False Breakdown
1. Price Action: Price breaks below the then rapidly climbs above $1550, forming a bear trap
2. Trade Entry Confirmations: A breakdown candlestick  followed by a reclaiming candlestick, above average volume on both breakdown candle and reclaiming candle, MACD bottoming

Short Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back up to the 200MAs, currently projected to be @ $1820-1850 by the time price reaches it, and bounce back down.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out

My Recent Trades

• 2021/02/21: I had a losing trade. I entered a long @ $1,970.0, with Stop Loss @ $1,868.6, and stop loss hit.
  
• 2021/02/20: I had two winning trades! I entered a ETHBTC long @ 0.035325, with Stop Loss @ 0.034577, and price reached a high of 0.036682, giving a risk reward ratio of 1.8:1. I entered another trade ETHUSDT trade long @ $2,003.1, with Stop Loss @ $1,965.6, and price reached a high of 2,022.0, giving a risk reward ratio of 0.5.
  
• 2021/02/07: I had a winning trade! I entered a short @ $1,605.00, with Stop Loss @ $1,628.14, and price reached a low of $1,563.9, giving a risk reward ratio of 1.8:1.
  

About Me

• I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
  
• I have worked on Wall Street trading bonds, stocks, and options.
  
• I have taken hundreds of live trades, each recorded with over 50 data points, all meticulously analyzed, using data analysis and modeling to optimize win probability and risk reward.
  

Why Follow Me

• Daily analysis on the latest market movements and price zones for high probability trade setups.
  
• Sharing of live trades that I take.
  
• A great place to help each other, learn from each other, and grow together.
  
• Trading education including a comprehensive cryptocurrency trading eBook, personal advice, and other educational materials
  
• Constantly testing and adding new trading strategies and refining battle-tested ones.
  

DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I will not be responsible for any actions you take based on the analysis and comments that I provide. I am simply sharing what I am doing, and is not meant to be investment or trading advice. What you choose to do with the information that I provide is your own sole responsibility! The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!

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