Hey Everyone. I want to give everybody an update on what I am doing with ETH currently. As you all know I had ladders in from 450 down to 200. It gives me an average price around 300 give or take with the way I did my ladders. This is my hodl bucket which is down significantly. A large portion of my ETH portfolio that I have put aside for that a longer-term play. The reason I did it in this fashion is you can see there is very little resistance from 300 up to 400. Once we start moving through 300, the move should be fast. Currently, we can see that ETH has already had a solid rebound off of this 120 level up to 140 and back down again to this 130 level.
Trading wise, entering down near this 130 area could prove to be very profitable, which I did. I am, targetting $175 in the near term, possibly higher depending on the degree of bounce that we get. This trade does have a higher degree of risk to it's selling momentum is still there. This $100 ETH level is a massive support level and psychological level that I would imagine would hold. If you enter in now, keep a tight stop below 120, or if you want to try to scale in down above 100, the stop would be below 100.
The main indicator behind this trade is RSI. It's very oversold, however it doesn't mean it can't stay over sold. If we see RSI start to gain some strength and a strong MACD crossover to the upside, it will be indicative that we will get a move to the upside. A break of the 140 level should indicate we move to 175-200 at least. From there, if we break the $225 level this would indicate we are moving much higher. while a break of $120 to the downside would signal we are going to be in the doldrums for a while. Possibly until the upgrade in Jan, providing it doesn't get delayed again.
Happy hodling and trading,
-Sherem
Trading wise, entering down near this 130 area could prove to be very profitable, which I did. I am, targetting $175 in the near term, possibly higher depending on the degree of bounce that we get. This trade does have a higher degree of risk to it's selling momentum is still there. This $100 ETH level is a massive support level and psychological level that I would imagine would hold. If you enter in now, keep a tight stop below 120, or if you want to try to scale in down above 100, the stop would be below 100.
The main indicator behind this trade is RSI. It's very oversold, however it doesn't mean it can't stay over sold. If we see RSI start to gain some strength and a strong MACD crossover to the upside, it will be indicative that we will get a move to the upside. A break of the 140 level should indicate we move to 175-200 at least. From there, if we break the $225 level this would indicate we are moving much higher. while a break of $120 to the downside would signal we are going to be in the doldrums for a while. Possibly until the upgrade in Jan, providing it doesn't get delayed again.
Happy hodling and trading,
-Sherem
Comment:
If anyone is looking for more details on my ladder strat, I laid it out a long time ago on ETH -
Comment:
We're seeing ETH starting to form a base. If we break 120 and then 140. Expect a move to 200.