ETH breaks out. Winner! Not so fast! BTC break down?

ETH july 22 long term

Friday July 22, 2016  6:00 AM

My 50% long is looking like a winner! ETH has exploded higher up over $14 this morning on good volume. That’s bullish.  Just as importantly, it blew through the short term bearish pattern I discussed yesterday, which I treat as another sign that a move is real.

Add to that several other indicators that show ETH is on the way to my target established July 8 of $15 – $17.50 and we could be at the beginning of ETH’s next leg up.

Oh, and one more thing. Before I congratulate myself on another succesful ETH trade, There’s still a longer term bearish pattern on ETH’s charts with a key resistance around $14.75.

I wouldn’t be getting too comfortable just yet. I’ll be scaling in and out as the patterns and indicators direct me all along the way.

BTC UPDATE

Yesterday’s tweet says it all….

Bot 50% position (small). S/T patterns bullish but big reason is time to short (tgt $635) have enough .

BTC currently dropping from 668 down to 654….

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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