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.
-Sherem
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.
-Sherem
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 - www.cryptoninjas.net...rt-for-erc20-tokens/
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.
