ETHBTC: Chillax, once more...

Updated

I'm flat and monitoring the action in ETHBTC. I think we need to get some kind of sentiment reset to be able to buy it again. In general, I don't advocate shorts in cryptocurrencies, it is a lot more productive to trade the long side only. There are some fundamental risks at play, which would be interesting to see Vitalik Buterin and friends iron out succesfully. For now, I remain skeptical, and the market's exhuberance doesn't do much to calm my anxiety. I will let it form a new buy signal and follow the developments closely to buy back when viable.

Best of luck,

Ivan Labrie.

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As a nice fundamental backdrop for the sideways story, we have the Status ICO that failed today, the released ETH might create sell pressure in the market for a good while.

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I hope my followers took action and stood aside from ETH before the massacre these past 2 days. GDAX was extremely brutal for longs, not sure if people got margin called though. I would assume so.

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Possibly bottoming soon, or even here:

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Right on time...

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In case anyone missed this or doesn't understand what just happened and what my chart here showed. I predicted the time duration of the correction, and the bottom happened exactly during the 3 day bar I had estimated it would.

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Clearly, trend is now resuming...we can hold a spot position in safely, or use margin longs to ride the trend.

We have a half position active, looking to add when viable.

IvanLabrie

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