Most of the indicators on my chart haven't changed from the last one I posted which I linked below. This head and shoulders pattern has taken a while to form. It's moved sideways for quite a while and now it's pushing down to this 800 mark. If we break this 800 level, expect a push down to at least 600. I see no reason why it wouldn't at this point. We have been in a down trend and it just hasn't moved up and starting to push lower again.
Play it like the Martingale Master does. i will be starting to put buys in from the 700 area in all the way down to 400. If BTC has a strong push down, we are heading to complete the ABCD pattern I posted earlier, along with my top call - Also check out my more lengthy post on Ether with the buy zone, it goes a little more in depth
How to utilize the Martingale strategy - When you buy in at the 700 range with the first % of your portfolio, with lets say 10%, the goal is to sell on any bounce up. Most probable would be a bounce from the 700-720 range up to 775-795. At which point you sell that portion. I then will put my buy in place again. If it keeps going down, my average buy in price will be lower as my additional buys hit lower. I can still play the bounces if it goes up and as it goes down, I get brought in at those lower prices. It works great.
Happy Trading, -Sherem
Komen
⋅
broke through temporary support at 735, if it breaks 700, look for continuation downward
Nice call! Question on Martingale. If you take profit on the bounce up, obviously you put your buy in place if it goes down. What if it continues trending up? Sell more? Where do you put your buys? Thanks!
Sherem
⋅
@Tshaw1969, I wouldn't short it if that's what you mean. If it keeps going up and bucks the down trend, you wait for another trade or another pattern that identifies a breakout or buying opportunity. If it started moving up significantly, all the buying points would change and a martingale strategy might not be called for. The martingale strategy works great in bear markets. IE; Ether has the potential to go down to the 400 area. It lets you play the bounces and more importantly keeps you emotional sane knowing you have a plan in place if it keeps diving down fast and hard which we saw at the beginning of Feb. If it bottoms out at 600, no problem, we are in the market already and I have the option to go in more if I need to. It gives you options, which is important.
Tshaw1969
⋅
@Sherem, I like this going to read more about the strategy, thanks! Im not into shorting Crypto