We went long ETH/USD last April and are +641% on the trade. We took our initial capital off the table and some, with small allocations into other projects like Waves, Tezos, Decred and Bitcoin SV which is incidentally an Ethereum competitor that get very little positive news flow.
Ethereum has seen massive gains over the past 9 months and seeing as it still has not solved it's scaling issues, we think it is prudent to take some profits. Why now? The momentum oscillators are overstretched. Stochastics are in overbought territory on the one year chart. MACD has diverged substantially and the RSI sits at 84. Recent candle formations suggest we are in overbought territory with a swift pullback from $1150 yesterday.
The fact that price is still at the $1k level is however a good sign for the bulls, as are the rising moving averages and very bullish volume levels. We remain cautiously optimisitc about Ethereum. We will enjoy the free ride for now.
Ethereum has seen massive gains over the past 9 months and seeing as it still has not solved it's scaling issues, we think it is prudent to take some profits. Why now? The momentum oscillators are overstretched. Stochastics are in overbought territory on the one year chart. MACD has diverged substantially and the RSI sits at 84. Recent candle formations suggest we are in overbought territory with a swift pullback from $1150 yesterday.
The fact that price is still at the $1k level is however a good sign for the bulls, as are the rising moving averages and very bullish volume levels. We remain cautiously optimisitc about Ethereum. We will enjoy the free ride for now.