bourbon44
Short

Where to now for ETH?

POLONIEX:ETHBTC   Ethereum / Bitcoin
117 1 4
Looks like it's coming down again and approaching the 200 MA. Area acted as firm support earlier in the month but a clean break (below the .015 area) could see this drop away. Next clear area of S/R is down at .007-.008. Orders set on Bitfinex at .019, .02, and .021. Currently .019 filled not sure if the others will. Initial target is .007 but will close if it seems that we'll get another bounce off of .015. Good luck all.
Comment: New monthly pivot just painted at ~.0197. Might get a little bounce up to that here.
Comment: Sells at .02 and .021 pulled. Stop currently set at BE; .019, also the 1 hr 50 MA.
Trade closed manually: See comment below
Closed at ~.01783. Price has seemed to stall out almost right in the middle of the major S/Rs at .02 and .015. Bullish divs are beginning to form on 1 hr and 4 hr charts. Price is still below the MAs which are beginning to fan out but the low volume and divs are spooking me a bit. I see it as a coin flip either way back up to .02 or down to .015, so time to get out. I added a small amount on one of the bounces which brought my net entry down to .01875. Overall, the trade netted ~4.8%.

I still see more down in the long term, but with the fork on the horizon, I'm not sure how the market will react. Will see how the next couple of days play out. Have a nice weekend.
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