After an insane run to .015 and with the recent BIP91 surprise helping to accelerate things south, ETH has settled into a nice fib retracement and returned to its established channel, we can now consider long positions for both near term profit and long term gain. Those who are comfortable with the inherent volatility of crypto markets can begin buying now, while the more risk averse may want to wait until things have cooled a bit and allowed the channel a chance to better re-establish itself.
Those who noticed the BTC and ETH charts moving in lock step with one another right up until the BIP91 signal was confirmed, no doubt also noticed that immediately following that moment, there was a hard divergence, and now the charts are perfect mirrors....meaning as BTC corrects down, ETH moves up and vice versa. This allows for a very slick short term long play provided you are comfortable timing it. You have to be quick though, as the lag between BTC movement influencing ETH trajectory is less than 1 minute as of this writing.
I scaled in my long trades @ .073, .077 and .08.
Good luck to all.
Those who noticed the BTC and ETH charts moving in lock step with one another right up until the BIP91 signal was confirmed, no doubt also noticed that immediately following that moment, there was a hard divergence, and now the charts are perfect mirrors....meaning as BTC corrects down, ETH moves up and vice versa. This allows for a very slick short term long play provided you are comfortable timing it. You have to be quick though, as the lag between BTC movement influencing ETH trajectory is less than 1 minute as of this writing.
I scaled in my long trades @ .073, .077 and .08.
Good luck to all.
Comment:
Watch the BTC slip to time your short term Exits.
Trade active:
BTC beginning to falter after triple top, if correction takes place, ETH will slingshot....In the event of a sudden spike, I am taking profit @ .09 first, then .096 and will hold the remaining 3rd.
Trade active:
I'm keeping a wary eye on this, as the recent security issues, and SEC ruling could send ETH packing back to .06 or lower....
Trade closed manually:
I'm closing this trade in profit, there is just too much instability at present.