ETH $20 target met -$36 next target–but when?!

Thursday June 16, 2016  6:30 AM

ETH has hit 19.88 this morning which creates a high probability it will go over $20.

But it doesn’t have to.

I took another 5% off my position and plan to reduce my ETH position to 25% of my core position as we go up or if we fall below 18.50.

The gain on this latest sale is approximately 85%.  Overall I’m up about 60% since I started trading cryptocurrency about a month ago (and started this blog)

I continue to reduce my position while at the same time announcing my next upside target for ETH

$37.35

This is what the patterns suggest ETH will reach in the intermediate term.

So, if I believe ETH is likely to double over time here, why not buy more instead of phasing out my core position down to 25% (or even lower).

Because I have no idea of the path that ETH will take to get to $36 and cannot speculate with any confidence when it will see $36.

I never forget there’s a real possibility it will NEVER see $36!

I want to profit from my reading of the ETH patterns which I see as incredibly bullish, but if I try to chase every dollar — it’s very likely I will panic on the day they decide to drop back to the $10-15 range based on some “news” about a glitch in ETH or who knows what.

It’s my goal to play the probabilities at all times and I’m more likely to make more money holding a position I am CONFIDENT in rather than trying to make the most money.

I could have made a lot more money holding my entire position in ETH–I would be up well over 100% in fact — focusing on that possibility is a recipe for disaster.

I AM UP 60% IN A MONTH without being down in my position more than a few dollars for a few days.  I have a lot of free cash and am building a clear plan to protect it while participating in future ETH, BTC and other cryptocurrency trades.

I will do all I can to stay in the game for the long haul — even if it means missing the ETH move from $20 to $1000 that I see many traders screaming about.

As for BTC – I saw a small probability that it could reach $750 and indeed it has.  As I noted I am out of BTC entirely since $683.  It’s very tempting to short BTC in the near term, but price and volume continue to confirm that this move is not one you want to short.  Patterns suggest it’s not a move you want to chase either.

I’m continuing to watch patterns and also see a few other clues that might help with more clear direction in the near term for both ETH and BTC.  I share those clues in next couple of days.

As for The DAO, it needs time to develop patterns to determine probabilities so I won’t be commenting on it often unless something meaningful happens.

 

 

 

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