Position: Leaning Bearish.
The best trades are always the ones with the least amount of risk. Buying at this point takes on a lot of risk with the possibility of a continuation to the downside. The market has been trending down on a daily and 4 hour chart basis. At this point it's forming a triangle. The triangle could break either way, however I am inclined to think it will break lower and follow the trend. If it does, a martingale entry strategy will be placed with orders starting at $9000, going down to $7000, with the anticipation that $8,000 will be the bottom. Even when trying to pick a bottom, you always have some on the sidelines to catch it if it breaks those lows.
If it breaks to the upside, we will have confirmation that an ascending reversal triangle will have formed and a retrace will be a great entry point.
Pick your points, don't stress and don't use leverage.
Sherem
The best trades are always the ones with the least amount of risk. Buying at this point takes on a lot of risk with the possibility of a continuation to the downside. The market has been trending down on a daily and 4 hour chart basis. At this point it's forming a triangle. The triangle could break either way, however I am inclined to think it will break lower and follow the trend. If it does, a martingale entry strategy will be placed with orders starting at $9000, going down to $7000, with the anticipation that $8,000 will be the bottom. Even when trying to pick a bottom, you always have some on the sidelines to catch it if it breaks those lows.
If it breaks to the upside, we will have confirmation that an ascending reversal triangle will have formed and a retrace will be a great entry point.
Pick your points, don't stress and don't use leverage.
Sherem
Comment:
Remember the strategy is to buy in on a solid retest of the support line. Even though this trend line has been "broken", it has done it with minimal volume and not much convection. Be careful. Still not in the market at this juncture.
Comment:
I will be primarily trading Ether(see update). If you trade BTC, use a martingale strategy to enter and have entries going down to $5,000