Firstly, our last bounce play we were in either at my support point at 520 or the break at 565. Both yielded a profit. You should have made money or at the very least got out at break even. I updated the last idea with the support points and what to look for.
That being said, let's dive in right now.
1. MACD on the DAILY is meh.
2. RSI is not in oversold territory yet on the DAILY and has really created a divergence of any kind.... yet.
3. the 6 hour MACD is sloping down and RSI is lookin nasty.
We know that there is a POSSIBLE bounce off this $500 area. It just might do that. However, I really prefer to start laddering my buys on ETH down at this $400 for a larger bounce. It's your call how you want to do it. For the time being, I will be playing LTC and BTC as I think they have better bounce plays and ETH has more RISK and I factor in what I trade to the totality of my portfolio. Remember, I look at RISK factors, not just potential profit. THIS ETH double bottom at 400 is much more appealing that 500. But once it gets down there, we will NOT go all in. By that time, we will need to re-evalutate what to do.
SO!
If you go in at $500. Target the 575 area for a bounce. Make sure you use a stop below 500 or have a solid ladder strategy ready to go.
Otherwise, if you are doign what I do. sit on your hands with ETH until it gets to $400 and play with LTC and BTC in the mean time.
Happy Trading,
-Sherem
That being said, let's dive in right now.
1. MACD on the DAILY is meh.
2. RSI is not in oversold territory yet on the DAILY and has really created a divergence of any kind.... yet.
3. the 6 hour MACD is sloping down and RSI is lookin nasty.
We know that there is a POSSIBLE bounce off this $500 area. It just might do that. However, I really prefer to start laddering my buys on ETH down at this $400 for a larger bounce. It's your call how you want to do it. For the time being, I will be playing LTC and BTC as I think they have better bounce plays and ETH has more RISK and I factor in what I trade to the totality of my portfolio. Remember, I look at RISK factors, not just potential profit. THIS ETH double bottom at 400 is much more appealing that 500. But once it gets down there, we will NOT go all in. By that time, we will need to re-evalutate what to do.
SO!
If you go in at $500. Target the 575 area for a bounce. Make sure you use a stop below 500 or have a solid ladder strategy ready to go.
Otherwise, if you are doign what I do. sit on your hands with ETH until it gets to $400 and play with LTC and BTC in the mean time.
Happy Trading,
-Sherem
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Last call indicating the support area to watch for if it were to continue down more and identifying a H%S in the thread -
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Read up on laddering, etc.. -
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Chart got cut off -
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I haven't said this for a while, but I hope my analysis is supporting your trading and decisions. Please let me know if it does and hit the like button to show it! Thank you!
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you can see why I didn't like this $500 area, I am keeping an eye on this $400 area for a play.
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Hard to justify buying in again at this point in ETH. If LTC and BTC move up, this will move it up as well but the chart just isn't looking as good.
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Nice move on ETH, if we break this 520 level we will see some continuation
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update new thread:
