Technical Analysis - $50,000 trading portfolio tracker and near-real-time thoughts and actions as trades occur over time - 08/12/16
Starting balance: $50,274
Current balance: $50,342
+$68 +0.13%
Current Allocations:
Btc: 47.15 = 55%
Eth: 200 = 5%
Cash: $20,273.63 = 40%
Summary of Trades since last update:
bitcoin sell
2 @ 591.3
1 @589.9
I sold a few BTC because of the trend channel break that I had discussed in the last update.
All eyes on this downtrend channel now.
Of course bitcoin dominance still looking bleak.
This is why I am intently watching the potential breakout in the altcoin market, which is not really an altcoin market as several of these projects bring much more to the table than just another coin. As I've stated before, we are currently seeing bullish consolidation above the $2 billion market cap resistance (turned support). This consolidation appears to be taking the form of a triangle. A solid break of the lower trend line would be bearish and a solid break back below the $2 billion market cap would negate the bullish picture.
ETH, as part of the alt picture, is currently in consolidation mode. I am watching this trend line. If it breaks, then the bull may return, but as long as price stays below this line, then the bear is in force.
If the trend line breaks, then a potential confirmation of an uptrend would be a golden cross. Also, the following weekly MACD going back into the green would aid in that confirmation. It appears to have at least turned the corner so far.
I am looking for the daily bollinger bands to tighten a bit more before the market determines direction. Also, daily MACD is stuck right near the zero line, indicating indecision in the market.
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Disclaimer: This is not advice of any kind. I am merely posting a track record and commentary of my personal portfolio.