Bang up week so far for BTC, problem is few of the other major cryptos have followed. ETH has been wedged in a sideways pattern throughout the BTC run, and I am beginning to wonder what the future holds if/when BTC makes a necessary and healthy correction back into the 3000 territory. Two thoughts 1) Money moves from BTC back to alternates as "good buy" options while the correction takes hold, and thereby moving the rest of the space up. 2) ETH gets pulled back also and we see further moves to the downside. I am no expert at this, and my lines may not be the straightest but if we start to see a BTC pullback and ETH moves into the 280's we are likely to see a further decline to retest the 240-260 area. Conversely, if BTC ever decides to pullback and we start to see moves outside of the sideways channel (solid above the 315 area), I imagine we will look to capitalize on an Ether at around $350 or more depending on the enthusiasm. Who knows, fun to watch for sure, I simply hope to make a little coin in the chaos.
Trade closed: stop reached:
SL triggered this morning and I think I will let sleeping dogs be for the time being-simply too much uncertainty and heavy price movements currently. I am going to keep an eye on price movement here though, as I have an uneasy feeling we may be seeing another downside price move soon, hope I am wrong.