For now, entering shorts can be done on retrace, if it happens tomorrow, but, it is risky, since calling the top in this type of enviroment is always hard. I'd rather focus on reducing exposure and holding altcoins with the rest, and using shorts sporadically with low risk per trade (1% max, tight stops).
As a sidenote, it seems like the main mineable coins are not going to fare well, $LTC, $BTC, $XMR maybe, $DASH, $BCH, all look frail in their dollar charts, with $ETH and $NEO looking much better, or even $ZEC, $ETC, and a few more.
Best of luck,
PS: Sell Ripple, it's a scam. The top target zone I had outlined was 2.4-2.8, and it was already hit. Not worth holding on to it.
Either way, the short trade had a stop loss that can be hit, and if so, would take us out for a 1% loss. -Not a huge deal-
Meanwhile the coins we hold off exchange have grown both in BTC and in USD value, so it's a win win for now. With some luck BTC doesn't outperform the portfolio.