ETH wants to go down here…for now

ETH 2 hour 7 21

Thursday July 21, 2016

ETH is currently trading below my last buy prices ($12.30) at around $12.20.  I remain 50% long. While the longer term charts still look bullish for ETH, the shorter term charts do not with a high probability of hitting $11.75.

If ETH is going to continue on the bullish course towards my target of $15, I would like to see it grind down if it goes down at all. This will allow the patterns and indicators to set up for a clear buy signal.

I’ll see how things look if and when we get to $11.75 but, for now, no matter how tempting this $12 price range looks, the patterns are clear, this is not a good time to buy.

Why don’t I sell some of my current position if probabilities favor ETH is going down short term?

Because they are probabilities, not certainties, and my longer term trading strategy has ETH going to 15 before it would hit any downside that would tell me $15 is no longer a realistic target.

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. 

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