I think any long position in a bear market is generally a bad idea. However, we can sometimes find trades that offer potentially good upside but minimal risk with appropriate stops. Eth is now sitting on a trendline that may catch it for a little while. I think we may see one more small push down and then bounce (I do not think this is bottom so this is just a play to get in and then get out). Place your stop very tight to that line if you take this trade.
Of course, if that line breaks it is a clear signal to short but I'd enter my short on a retest of that line with a stop placed above to provide minimal risk.
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Got in and then got out for a quick but big return. Anyone else catch that?
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Good place to close longs and place a short. Set a stop above in case it breaks up. Switch to long on a retest.
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Looks like somewhere right around 290 is the key level to watch. No prediction as to what happens there!