Sunday July 10, 2016 7:00 AM
There was a short burst of volatility about an hour before the BTC halving yesterday when the price plummeted 30-40 dollars in a few minutes. ETH became very active at the same time dropping from 11 down into the 10.60’s.
I took advantage of the drop to buy another block of ETH at 10.78 which has me:
50% of my core position long ETH.
I considered a much larger short term ETH purchase, with some sort of very short term stop loss, with the play being to convert to it to long BTC at much lower prices to take advantage of the currency conversion, but I needed to see BTC drop straight down fast below $600 (the large spike I wrote about yesterday) to do that. A really huge spike down never materialized.
Right now things are relatively quiet for both BTC and ETH, but the patterns say that’s not likely to last, and the news confirms the patterns. The BTC halving is sure to impact price at some point (patterns say lower, if we get above $707 could go much higher), and ETH still has major issues getting a hard fork implemented to bail out errr….save the DAO. I’ve seen key dates mentioned between July 14, and July 21 fwiw.
My game plan is simple: Wait and see what happens next.
I’m comfortable staying on the sidelines for BTC, frustrated I didn’t buy more ETH at lower prices, happy I have cash ready to act if opportunities arise and have just enough skin in the game with a 50%.long ETH position to feel cautious about adding more.
In other words, I’m right where I want to be.
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.