Daily dETH cross 50/200 ema, was the signal to exit any longs you had for eth or sell any ETH you still have. Risk off, buy zone at the trend line ~0.03-0.028
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Bounce seems to be in play. first TP zone is ~0.044
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First TP target of 0.044 reached, closed 50% of the trade there. I suspected it will drop to 0.035ish and retry higher again
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Trade is still active, and with this massive handle forming on the daily, I suspect new ETH/BTC highs to be made in the coming months
I wonder whether we can now conclude a retrace is possible for alts, or if we will get a momentum break as bitcoin launches lightning networks etc etc
Pansyfaust
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@TheBanker, Thanks. Due to the rampant and reckless BTC bull run, I've greatly reduced my original position size I'm taking at these levels. Reason for that is because so many alts have had a 80-95% "Shitcoin dump cycle", and we're currently at an 80% retrace from the BTC/ETH ATH. If BTC maintains its current run, ETH could advance to true shitcoin status and dump to 90-95% of its ATH:
Although, if BTC does sideways or dump in the next couple days, I think the risk here is manageable, considering we're at a key support level and are starting to form a daily bull div on the RSI. Could be the making of an alt relief pump going into 2018. Really, it's fate is now tied to whether BTC wants to make mETHheads regret their decision to move into BTC when I originally posted this chart XD. As soon as those people capitulate, we'll have a nice pump. Setting stink bids at 0.025
I wonder whether we can now conclude a retrace is possible for alts, or if we will get a momentum break as bitcoin launches lightning networks etc etc