Grayscale ETH - I'm taking some profit here, but upside remains
Obviously there is no certainty with crypto (or any investment for that matter). Although there appears to be upside remaining over the next 72 hours, we also know that there are diminishing returns and increasing risk as time moves forward. I took a very small amount of profit Monday at 40.50. My plan is to reduce my exposure from here on out on the days remaining this week. That will give me some cash on hand to trade when the opportunity is right. (I have learned this the hard way with Bitcoin... when the music stops and everyone scrambles to find a chair... it's better to have a chair in site and close by.)
Disclosure, I am fully invested and have not exercised Ethereum elsewhere. I will be setting stop losses next in my exchange (and update daily) and will subsequently exercise manually in my PayPal holding at a certain threshold.
Obviously all of this is not specific financial advice. Enjoy it while it lasts while preparing for the worst. Take care!
Disclosure, I am fully invested and have not exercised Ethereum elsewhere. I will be setting stop losses next in my exchange (and update daily) and will subsequently exercise manually in my PayPal holding at a certain threshold.
Obviously all of this is not specific financial advice. Enjoy it while it lasts while preparing for the worst. Take care!
Comment:
I've drawn out a potential wedge pattern that may coincide with the end of the Ethereum run vs. Bitcoin. If we break above the wedge (above the current resistance), that would invalidate the pattern. I am going to use this target area again to take some profit and I have been personally (not advice) moving into Bitcoin preparing for a run up relative to Ethereum.
Comment:
Last update on this one...
Today we will see which direction we go. I'm assuming we will have a small bounce into the wedge. At that point, I think it is prudent to take a bit more off the table until we know whether or not this was a local top. This is by no means the end of the Ethereum run, but we have to consider the amazing run up to this point and that we may cool down for a while.
Note, it is always important to consider how long it takes for people to settle out their trades. Look at yours when you settle. That should be your last point to consider whether or not you want to stay in the trade, or wait it out while your cash settles. That will give you some idea of when the market may flow back in.
Today we will see which direction we go. I'm assuming we will have a small bounce into the wedge. At that point, I think it is prudent to take a bit more off the table until we know whether or not this was a local top. This is by no means the end of the Ethereum run, but we have to consider the amazing run up to this point and that we may cool down for a while.
Note, it is always important to consider how long it takes for people to settle out their trades. Look at yours when you settle. That should be your last point to consider whether or not you want to stay in the trade, or wait it out while your cash settles. That will give you some idea of when the market may flow back in.
Comment:
Well that short bounce this morning proved very short. And down we went.
If you are still in the trade at this point, you'd just be FOMO'ing. I did see buying this morning after the strong downward push. That may have been a short-term bottom following this upward trendline.
If you are still in the trade at this point, you'd just be FOMO'ing. I did see buying this morning after the strong downward push. That may have been a short-term bottom following this upward trendline.
If you have made 90% - why have a stop loss at 10% below the current level! That makes no sense. You might as well have taken 80% profit and then had the money on the side to buy in lower. And believe me, Bitcoin can gap down unexpectedly 17% and then be back up within minutes.
As it is, we are going to have people chasing -FOMO'ing- and that is going to drive the price up and down. Look for a better point to get in, a better time to get out - or just find another trade that suits you. Or else, take more profit at 60% and be thankful.