I am adjusting my lines in from my last call to account for time. BUT to also pose a question that could potentially ratify this down trend! Are we forming a massive pattern?! If we get more sideways movement, we are only going to confirm this. It's do or die time for ETH here. This 800 level is key. It's already tested this level, it might get some support there again. But if it keeps hitting that support point and breaks its, expect a break further down.
The play. How do I want to do it? I will be laddering buys starting from the just above the 700 area all the way down to 400 using a martingale strategy. Love this strat in these vicious down markets. Make sure you read up on it if you haven't.
We'll see what happens, I will continue posting what I see and the plays that I am looking for and that I am most comfortable with at this point.
Happy trading. Pick your points, don't stress and don't use leverage!
Check out my post calling this recent top!
The day chart doesn't give me much reason to believe we are heading higher anytime soon, so I am in sit on my hands mode right now and not in a trade. I am waiting for direction, one way or another. Stop limit would be a good way to play it in case it goes up more. gotta be wary that it will move sideways and confirm the H&S
Screen shot of the day chart.