After closing my last long, I've been observing for a possible short. I did open a small one around $181 on ETH, but you should always be patient and wait to see what the market does after you've completed a trade. Now that we've waited, it appears we are developing a rising wedge which is bearish.
In addition to the substantial overhead resistance, dwindling RSI, and double top-ish looking formation, I plan to open a short on ETH, yes ETH, not XBT, if it hits the 7200 range and fails again to break substantially through the wedge. If it does break through nicely, I'd be more suspect of the 7300 range for a new setup.
The reason I short ETH: This setup on XBT yields less than 3%, where in on ETH, we can get 5.5-6%.
In addition to the substantial overhead resistance, dwindling RSI, and double top-ish looking formation, I plan to open a short on ETH, yes ETH, not XBT, if it hits the 7200 range and fails again to break substantially through the wedge. If it does break through nicely, I'd be more suspect of the 7300 range for a new setup.
The reason I short ETH: This setup on XBT yields less than 3%, where in on ETH, we can get 5.5-6%.