A fabulous weekend has developed into a terrible week for
the Alts. This should create another fabulous buy opportunity
over the coming 12 to 24 hours...and potentially lead into
another good weekend ahead...if we can pick this up at lower
levels without getting stopped out in the process.
First support is nearby at 630 which if broken now should lead
to further weakness back to 557-551 range (a good short when
triggered). Ideally though, for bulls still wanting to get long
here, ETH will plunge even lower, to 512 and maybe, if lucky
right back down to the rising dynamic support at around 447
before bouncing strongly. It might not reach here, but we can
still place orders in market at a coiuple of points above 447
and see if it gets struck. The 488-481 range is the other range
to target as a potential antry zone for longs on any further
weakness but any stops will have to remain below the 440
mark to keep from being hit...if you can handle the potential
9% downside from 481 there is 100% upside from 447.
Look to buy over the next 24 hours, when the pips are really
screaming. Need a plan and the courage to execute. The
stage is set...let's see how close we can get to the bottom
before committing to next long from here.