On this daily chart of ETHBTC, I will be watching the RSI and DMI closely. The RSI has broken out of a rising channel, backtested it, and looks like its going to fall down fast. ADX is finally starting to tick up with DI- firmly in control. DI- looks like its flagging for further gains, while DI+ has broken its rising wedge it started forming back in July. DI+ remains in a long term downtrend that we want to remember because it will help us find our bottom one day, when it breaks out of it. As long as RSI is pointing down, DI- is in control, and ADX is expanding, staying short is the play and I swear we will leave this .07 island they have marooned us on. The way ADX has been coiling, this could be a big move. Good luck trading everyone.
Trade closed manually
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Don't like the way the shorts are looking, starting to nibble on longs.