ETH looking to move down

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Position: Bearish

I am still in this trade from an average position of 533 with 40% of my portfolio. that 580-600 level was the technical sell level. If anyone got out during that sell point at 580 or for profit above 535, good job. I am still in this trade, I had the flu last week and was very sick and I couldn't think as clearly or do much as I would have liked to get out at the appropriate time. This is another reason I use this strategy, it can account for human error.

Downside potential: If it breaks this 460 low, I would anticipate the low in ETH to be when BTC hits it's 6k low area. I will have a large buys down for 25-30% of my portfolio just above 300, this might be adjusted depending on what BTC does. The technical exit after it hits the 300 area will be the 450 area. Unless it completely rockets past and starts looking to reverse it's down trend, this could be a good place to get out with some profit or break even.

Upside potential: We really need to bottom out here and create a "Higher low" for any upside movement to happen or reversal. First point it needs to break is $520, then 580.

Comment: It came out earlier today that Coinbase/GDAX will be adding support for ERC20 tokens. This is very good news. It might be the catalyst that finally makes it bounce. Still in a fierce down trend, so I don't know about it finding a bottom yet, hard to say. Good to be aware of -
Comment: Check out this divergence that's formed on this 4 hour chart on the RSI. On the daily chart we have a MACD that's just itching to cross. Really critical level we are at right now determining whether we go up or down.
Agreed, that 460ish level will be one hell of a fight as it's around the long term ascending trendline. I want to believe that if we break that...... game over for now lol at least till ETH can find a stable base to build off of

Good that you're feeling better, the flu sucks period.
Sherem StaniecLukasz
@StaniecLukasz, Thanks man, yeah the flu sucks majorily.

Quite a fight going on right now, Alt's have been the play the last 24 hours, they have been screaming up, which you would think ETH would rebound with them more than it has.
@Sherem, yah, I escaped the flu this season somehow, seriously a lottery ticket.

Agreed, some weird action in the alts in comparison to ETH itself, even when you compare the BTC/ETH ratio, somethings up and ETH's been punished and oversold. Something was certainly baking in a big move for several 4 hr bars and boom 450's. I think it has something to do with both Twitter jumping on the bandwagon of banning crypto ads as well as a writeup of how 80% of icos have been scams, doesn't help that a lot of those ico's use the ETH platform to my understanding.

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