Looks like an Elliot wave formation. Elliots are theoretical but do provide some guidance.
We are currently in wave 3 and climbing. I am trading with a stop loss of around 7%.
Exit at red levels, enter at green levels.
All other indicators are good. Fundamentals also good :-)
Let me know if you have suggestions. Good luck.
Trade closed: stop reached
Goes to show that Elliot forecasts should be taken with a grain of salt. They can be very useful, especially in established markets. But this one seems like the bulls have retired for now. I will reenter only once there has been an established uptrend again.
@Davidbr84, Yes this is unfortunate. I was very cautious when I took this trade due to being short with Bitcoin (That is why I used a tight stoploss). I think btc has a few weeks ahead in its bear market, so all alts will be risky like you mentioned. I guess we will just have to be patient for now :-)