Ethereum is looking stronger than Bitcoin for the potential of short term upside. Price has done a decent job maintaining support and I've been surprised how strongly it has moved in terms of momentum. As long as support within the green channel is held, as well as support in the Bullish Control Zone is held for momentum, there is potentially a counter trend long opportunity setting up.
If all of that criteria is met, my primary target would be $416. There is potential to reach up to a maximum of the 1.618, but this is incredibly unlikely - in my opinion.
As long as this opportunity remains valid, I will hedge my short trades in both BTC & ETH with this long. There is potential that this correction has finished, so if this breaks down, I expect us to begin the descent to $250 from here.
As a counter trend trade, this carries significant risk. However, as a hedge for short positions from the 1:1 and the swing short from $470, it takes some of that risk off the table.
If all of that criteria is met, my primary target would be $416. There is potential to reach up to a maximum of the 1.618, but this is incredibly unlikely - in my opinion.
As long as this opportunity remains valid, I will hedge my short trades in both BTC & ETH with this long. There is potential that this correction has finished, so if this breaks down, I expect us to begin the descent to $250 from here.
As a counter trend trade, this carries significant risk. However, as a hedge for short positions from the 1:1 and the swing short from $470, it takes some of that risk off the table.
