BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
After our XBTUSD trade we manage to take some profits and avoid most of the downfall by only trading XBTUSD and using a proper stop-loss setup. It seems that ETH is on a major downtrend, hitting new lows every time. Bitcoin dominance keeps growing and its obvious that XBTUSD affects ETHUSD . We did re-test this resistance at 221.65 twice by now and with the descending triangle formed on XBTUSD we believe that possible re-test of 5875 on XBTUSD is likely to come. The Ichimoku Cloud and the uptrend that XBT started on 2016 is no where close to where we are at the moment. Possible play here is Short ETHUSD with a close stop above its resistance or simply stand back and wait for price action to develop. ETH futures are around the corner, people keep talking about all the good news or financial institution related news that should pump up the price but think about this, do you actually think Wallstreet will pump up your bags without doing their due homework fast? I don't think we are there, wallstreet doesnt want to make retailers rich so we would rather keeps our head cool and use proper risk management when trading. The only opportunity apart from waiting or doing any kind of short would be to focus on BINANCE:HOTBTC which has been working against the XBT downtrend. We'll be monitoring the alt markets as always in order to catch the wave and ride it again like we did 2-3 weeks ago.

Specter is signaling a trend-reversal in 3 of its indicators: specter cloud signaling a possible upward move, X-confirmation showing that the trend has hit a possible bottom, fibonacci BB shows a possible bottom. With all these mixed signals between my reasoning and specter indicator, we've chosen to let the price action develop.


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wether or not the wall street will pump the price depends on the position they have. it is not hard to own a big chunk of $22billion asset for wall street.
@timepsule, Its not much but wallstreet wouldn't market buy to acquire a position.
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