ETH at a support point, or a broken trendline?

What is surprising about ETH is even with this larger upside move, we still haven't had MACD cross yet on the daily. We have these 2 trendlines that ETH has formed and we have broken both of them to the downside along with a 4 hour MACD crossover. It has to find support in this 575-580 area to move up from here, but this is crypto and we don't exactly what will happen. But we can manage risk.

It's your call with what you want to do, but here is what I am doing on this ETH pair. You should have gotten in this anywhere from 520 at my support line I identified and told you was my first point a long time ago, or even at these bull flags forming in the 560 area. I will be putting a stop loss just below this support line. Here is why, I can hedge my total portfolio risk and still get out with profit or break even depending on where you entered.

Also, If ETH/BTC breaks this trendline it's forming, it will push this ETH pair further to the downside. Of course, if it continues up from this point, I am still targetting this 650-700 range.

Happy trading,

-Sherem

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previous call -

Details of martingaling and laddering-

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We aren't looking good folks, make sure your stops are in place or you have a laddered buy strategy in place for a further move down.

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ETH is looking a little bit better compared to LTC and BTC, but if those two go down, they are going to drag ETH with it.

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Watch this 575-580 area, if we break here it would indicate more down side is coming.

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Chart update -