Scaling Back Slightly in Bitcoin & Ethereum

Bitcoin is consolidating and Ethereum is mooning. I have decided to scale back my position size in both Bitcoin & Ethereum, although the reasoning isn't bearish. For Bitcoin, I have chosen to scale back slightly (as in, still have majority of my position) due to increase of systemic risk due to headlines associated with Bitfinex particularly, although there are other risks as well that I've discussed previously.

I still have the majority of my position, but have simply chosen to take some profits to reduce my breakeven point below my previous average buy price ($6057). As always, position sizes should always reflect your confidence in the markets.

Ethereum is doing exceptionally well. I have pointed out in prior videos that I like Ethereum at any level below $300 and wouldn't sell until at least $400. I have chosen to take a small bit of profit now that Ethereum is all the way up above $450, but I sold even less (on a percentage basis) than I did with Bitcoin. I will scale out slightly more if it breaks above $500, but will hold most of position in event that we see huge breakout to upside. I have absolutely no bearish thoughts on Ethereum, but find that taking profits to keep a level head is generally best when it comes to trading.

As for where the money is going, right now it is sitting in USD. I will be considering where to deploy this capital, if at all, over the coming days. Meanwhile, I continue to write and work on article / video combinations. I appreciate your patience.

I also briefly discuss Litecoin - I am becoming more bullish as it lags behind both Bitcoin & Ethereum. Additionally, I wanted to provide some clarity with my position on Dash given the criticisms I received the last time I spoke about it. Just because I like Monero has nothing to do with my hesitancy for investing in Dash. I hesitate for two major reasons:

1. DAO organizational architecture is inefficient and a long way from working as well as a centralized organization
2. Far fewer transactions than Litecoin

More details are in the video itself. As always, I am happy to hear your thoughts. Thank you for watching.