ETH/USD - Tried to break out but headed down
Updated
Unlike an established, highly traded market the Currencies (Forex), Cryptos are still manipulated by many factors including whales. It's very risky to try and day trade it if you aren't experienced in the market. Keep in mind that the entire Crypto market generally moves together and so even if one of them is looking up, if a major tanks, then ALL will tank.
Right now, I'm taking a Neutral position. They definitely might be heading back down... or they might decide to make a dramatic recovery. It's tough to tell at this point. You must monitor them closely because even if they get a big recovery day, the next might be an another big loss day.
Right now, I'm taking a Neutral position. They definitely might be heading back down... or they might decide to make a dramatic recovery. It's tough to tell at this point. You must monitor them closely because even if they get a big recovery day, the next might be an another big loss day.
Note
With it back in the middle of the Channel, I'd recommend shorting it now, but keeping an eye as a big rally is never too far away...
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