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.
Disclaimer
CryptoCue is not providing individually tailored investment advice and is not taking subscribers personal circumstances into consideration when discussing investments. Investment involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire position. Investors should consult their registered financial adviser before investing.
CryptoCue is not registered to provide investment advice and is simply providing an opinion, giving a particular experience. Information contained here is not an offer or solicitation to buy, hold, or sell any security.
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CryptoCue and/or any others affiliated with CryptoCue, are not responsible for any gains or losses that result from the opinions expressed herein.
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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.
Disclaimer
CryptoCue is not providing individually tailored investment advice and is not taking subscribers personal circumstances into consideration when discussing investments. Investment involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire position. Investors should consult their registered financial adviser before investing.
CryptoCue is not registered to provide investment advice and is simply providing an opinion, giving a particular experience. Information contained here is not an offer or solicitation to buy, hold, or sell any security.
CryptoCue is not a broker-dealer or financial adviser and is not affiliated with an investment advisory firm and does not engage in activities that would require such registration.
CryptoCue and/or any others affiliated with CryptoCue, are not responsible for any gains or losses that result from the opinions expressed herein.
CryptoCue makes no representation as to the completeness, accuracy, or timeliness of the material provided and all materials are subject to change without notice. Opinions discussed herein have not been reviewed by the securities and exchange commission or any state securities regulatory authority.
