I'm holding long positions in ETH, and aiming to add once we get further confirmation of the weekly uptrend resumption. Recent events have led to a rollercoaster of emotional trading and a lot of people badly positioned. I was anticipating a sentiment reset before, as you can see in my related ideas, it was in fact needed to resume the long term uptrend in cryptocurrencies, but it's never easy to maneuver keeping the long term picture in mind when short term charts and sentiment seem abysmal, but that is when opportunity comes knocking.
Let's see if things evolve favorably, if I'm on the right track, market participants have weighted risks from China's crack down far too heavily and not considered positives like Japan's position in this juncture, or the massive potential of ICOs as a means to democratize venture capital, or heck, the implications of ETH finally scaling once Metropolis finally goes live in 2 weeks. I added fundamental events and key levels on chart, I think we might see a quiet period during China's golden week, but, some traders might use the lower liquidity to squeeze shorts, after jewish investors return to the market after Yom Kippur. Keep an eye out for these developments, and be ready to increase your exposure, or, start getting involved in this great trend soon.
Cheers,
Ivan Labrie.
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China's Ethereum is acting super strong, a good barometer for developments in the far East:
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ETHUSD is fighting supply from the ICO ban news Corrected the news key levels, the bottom one was BTCC closing news.
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Trade closed manually
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I sold my ETH in slight profit vs USD but down vs BTC and shorted ETHBTC as per my new publication. The rally failed, and it is evident it might actually be a topping pattern instead, due to how the finex statement regarding 2x coins, and traders' positioning collaborated to form a massive short squeeze in positions that short BTC, be it alts or usd.
@IvanLabrie Couldn't agree more - I think the stage is set for take off in October. Just about everything in China was over exaggerated Japan/US hold the trade balance for Crypto (or the vast majority); China lost that stake hold a long time ago. Things are moving in a positive direction across the board for blockchain - bound to be hiccups, but the direction is undeniably bullish.
IvanLabrie
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@Synapse, indeed!
Thanks for stopping by mate, long time no see.
Cheers
Synapse
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@IvanLabrie, Agreed, long time! Been meaning to say hi. I'll shoot you a PM this week.
unitednoobies
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Yeah, like you said. I am going long on this. I see any downtrend/ bad news will be short lived. especially in OCT, a lot of great news are coming in to play.
KLYP_Investment
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jamie 'demon', good metaphor
cycler
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just managed to close my position in 2% profit, I hope your last update is correct.
KLYP_Investment
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good signal
YotamVezu
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Yom kipor is today
And rosh hasana was a week ago
IvanLabrie
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@YotamVezu, yes! Depends on the time zone, here it's not 'tomorrow' yet. Shabbat Shalom.
KLYP_Investment
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long position?, then you entered margin, not spot?