Get your big boy pants out guys, this one is happening real quick. I'm starting to scale in. Ammo locked and loaded to continue scaling in through the low 200's
Fastmarket warning. I'm going to be updating this published post with lower timeframe stuff since the daily isn't low enough resolution. Gonna get real interesting. Going to be an interesting trade considering BTC is nowhere near as rekt as ETH.
I wonder if we'll set some bull divs on the lower timeframe as this thing digests the impulse move we just had.
Measured move play would be quite interesting. That's the main thing I'm banking on. Regardless of what happens, I think we're at the point of "breakeven or profit" for spot longs.
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1hr RSI the lowest it's ever been for ETHUSD. SUCH an aggressive move. Short term bounce is inevitable.
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Reducing size here at resistance
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Restructuring main orderblock from 225 thru 180
This whale on finex is really absorbing a shitload of BTC at 6300, so many coins to buy.
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Added 10% at 278, overall size 15% now.
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Play still active. 225 got hit, so 20% in now.
Readjusted remaining bids to be 202 through 170 based on this recent leg down.
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40% bag built, no chart for a while. Not much else to say as the market keeps falling besides... choo choo.
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Pretty much filled up over the weekend. 202 through 170 turned out quite well.
Next update in a week probably
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AVG after doing the math was $190.
Sold a little here at this ABC retrace. Might re-add, dunno. Weekly looks like a plausible bottom, we'll see how this progresses. BTC holding 6k helps this out a lot, hitting my target in the 300's depends on BTC holding the line.
Will see how this develops.
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Took off a little more here. About 30% closed. This is some epic consolidation we're in now, this market has been rangebound for months.
#weakhands
Trade closed: stop reached
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Panic closed the rest of the posistion.
Gonna look back on this and laugh. Bids set at new lows, will probably just post a new chart. This one is too long.
@StephySanrio, usually when a market is going down there is a point where a sharp drop off happens freaking people out only to find out that its actually the bottom of the trend.
UnknownUnicorn1038536
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@connorzz10, this. I find capitulation hindsighty and arbitrary, but it often works out for whatever reason. This actually looks like the capitulation we were waiting for.
connorzz10
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@hirounsung, It offers a good edge
itzroyyyy
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@connorzz10, with the bloodbath in alts it sorta feels like capitualtion, however that money seemed to keep btc held up. what happens if BTC starts selling off? i can only assume alts will continue to drop. also doesnt capitulation have to be confirmed with high volume? not sure if volume confirms..
@itzroyyyy, I think the selloff in btc was an overreaction.
itzroyyyy
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@connorzz10, by selloff, you mean right after the ETF was delayed..? yes i would agree that was an overreaction because everyone basically already knew it was going to be delayed, just like right now everyone pretty much knows theres a high chance it gets delayed again from sep 30th to Feb 2019 decision.