Brenna364
Short

Bearish on Ethereum

BITFINEX:ETHBTC   Ethereum / Bitcoin
With all the ICO news I'm really losing faith in the real world uses for ethereum and I'm surprised its stayed at this value for so long now, to me it's only a matter of time before it falls really hard. That being said the metropolis update is rolling out soon (testnet september 18th, network october 9th ) so it will be interesting to see if the market reacts to that, and if long term it provides some better functionality to developers.

On the daily chart it's formed a descending triangle which is due to end in the coming weeks(?) so I'll be setting up a short around there if I still feel the same.
Just as some confirmation for this triangle, the daily stoch RSI is sitting on oversold so there will likely be another upswing to test that top resistance of the triangle before moving back down.
Bollinger bands are also starting to tighten as the price range reduces here.
Comment: Showing a hammer doji atm so could see the expected reversal assuming bitcoin doesn't keep falling
Trade closed: target reached: Closed my short, happy with this
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