June 7, 2016 8:30 PM
As the patterns predicted, ETH has broken out of its recent range to the upside and is currently at $14.75 just below the recent high of $14.79.
I’m currently very focused on the big picture to help me make decisions in the near term at what could be an important juncture.. If we’re truly in a bullish cycle for ETH, I’d like to see this move up to the target of $17.50-20 without much downside.
If not, I have to treat this move like a headfake and plan for more downside, with a possibility of testing the recent lows in the $8 range.
Have not changed any positions at this point, but the probabilities are increasing that it will be a good time to do so whichever way ETH goes.
As for BTC — still showing strength overall and patterns suggest $600+ before going below $550. I continue to hold an 80% position which is a very small as part of my overall investment in cryptocurrencies.
The DAO has been struggling to keep up with ETH, and has not shown much volatility at all. Without a history of patterns to rely on, and with many questions surrounding The DAO, I am not pursuing a position at this time, though I think news on the DAO will create volatility in the forseeable future.
I continue to look for consistent correlations among ETH BTC and The DAO, but nothing has provided much to rely on at this point. I think they will emerge over time and can help make trading decisions.