We have a nice setup here, the idea is to short or sell BTS, to buy ETH here, risking a 31% drop, to potentially achieve 121%+ returns in a short time. There is a very clear uptrend here, supported by fundamentals, considering how ETH resulted in a larger success, offering a similar thing to BTS, making it a good candidate for a pair trade. To take this trade, you'd long ETHBTC with enough size to risk 1% if price moves against you by 33.5% in ETHBTC and 29.79% in BTSBTC respectively.
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Cheers!
Ivan Labrie
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2 smaller range days in a row, good. We should see upside very soon.
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I don't like how far it sold off today. I'd rather exit this position here.
Thanks, trying to think outside of the box, and posting interesting setups I'd trade.
Cheers!
DrGonzo87
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BTSBTC is at a record low, ETHUSD and ETHBTC are still up over 1000% from the start of the year. I don't know if ETH's next move will be up or down, but I'd be more inclined to do the reverse. I have no position in ETH, but am long BTSBTC.
IvanLabrie
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Yes, that's a factor, but ETH can remain in an uptrend as well.
Thanks for the comment.
You can use the general idea for your own take on it as well, let me know how it goes.
DrGonzo87
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I could be completely wrong but I think ETH has maxed out. Bearish MACD crossover on weekly and double bearish crossovers on daily. RSI likewise paints the picture of a downward trend. The fundamentals are not great right now either with the DAO hack and forking debate. That being stated, I did consider a short-term long on ETH myself. It can still see impressive gains, even in a downtrend. Best of luck anyway.
MarshaIII
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markets can stay irrational longer than we can keep solvent! happy trades all :)