Justin W. Today at 10:22 AM
Morning everybody. Nothing has really changed overnight. XBT/USD and ETH/USD still being pulled to and fro by bots, people attempting to short the top, and people attempting to long resistance.
My plan hasn't changed, still acquiring a long position in ETH until told otherwise. I do see the potential on the table for a short scalp for ETH with a stop at 122 down to my lower entry levels 116-115. However, I won't be counter-trading the short-term trend without more sign of confirmation of a breakdown. Still feeling bullish on the big two, still have my buy orders down 3350-3560 for XBT/USD.
TRX is really screwing the pooch as is to be expected, airdrop coming up tomorrow and wind is being drained from the sails. This is one of the highest R/R shorting opportunities available now, and thus why I significantly increased my position last night. Next stop, 575. We'll update from below.
That also means likely no BTT trade for us for the meantime. I expect Binance to dump it. We'll try to pick it up in it's accumulation phase.
Yep, lots of people scampering to short ETH and XBT currently. Call me crazy but I'll be patient. There is the potential to short ETH (it's more volatile) down to 116-115 as posted earlier, but entry now gives you a risk management issue. 122 would be a logical stop, and the R/R is not there. Because the highest R/R trade is to the upside, that's the position I'll look to be taking.