Tuesday June 28, 2016 7:30 PM
Volume picked up for both ETH and BTC while prices dropped for both. Given the catalysts in the news I would have expected a larger drop for both:
ETH: More bumbling on solving The DAO nightmare – soft fork screw ups
BTC: Big rebound in stocks and currencies
That larger drop may be coming soon. The current pattern for BTC is right on track to tank down to my stated target of $375-425. In fact, there’s a moderate probability we are about to see 2-3 down days for BTC including today which could show some meaningful downside.
The current ETH pattern continues to be more murky but the bias is definitely to the downside as we slowly grind our way back down towards the $10 target I called for several days ago. Trust me, current patterns show ETH can fall MUCH further than that.
So while I realize my recent posts haven’t been loaded with buys sells and profits, the patterns have steered me correctly to wait, watch and be cautious.
I’m still a believer that BTC is not a buy until it reaches the $400 range or makes it’s way above $800 and even then I want to see what the patterns have to say at that time.
As for ETH, I’m still 25% long (because you never know…ever) and am watching for a fast spike downward to $5 or even lower at which point I plan to be a buyer, likely to a 100% long position. I’ll have an exit stategy even at that low price and will share it if and when we get there.
I’m open to other strategies but as of now, this is what the patterns say has the best odds of being a successful trade.
The patterns and targets are slowly becoming more and more clear and they say more volatility is ahead — likely fast, dramatic volatility. All I can say is:
Wait for iiiitttt…..
NOTE: NOTHING IN MY POSTS IS INTENDED TO BE TRADING ADVICE. Please do not base your trades on any information presented in the materials on this blog as it is for information and entertainment purposes only. You are 100% responsible for your own trading decisions.