However if that does not hold there is a slightly different just below around $30000. There is a lot of confluence around here with the Weekly just above, the anchored taken from the first consolidation after we broke the 2017 ATH , and the POC (from consolidation after $28500 top) in-between those and the 200 / . Not sure where the next stop would be if these don't hold but with the amount of institutional buying right now the dumps may end up being bought up quickly and smaller then before.
There are no major divergences that suggest this area is very likely to break but its worth coving all possibilities to be prepared. The only thing I don't like is that the DI+ has been weakening this past leg $33800.
Depending on how these areas hold, it could be a good opportunity to go long in case this bull run continues, but at the same time having a look at some GlassNode metrics and it seems like we are getting close to a local top, but by no means an end of this cycle. Some metrics are close to extremes, so I have adjusted my risk management until we visit the weekly 21EMA. Who knows this run could keep going, my target is around the 2.618 at $46465 but it seemed a little crazy to put that on this chart.
Parabolic Curve (Left = Linear / Right = Log) -
If my "Key Support" area does not hold I will be looking for a move down to $24000 (may take several days), but I will be taking a scalp position for potential bounce in the support box.
$34000 level to hold and we have to make a higher high on the next push. If we get a 4hr< close below $34000 or we rally to near the ATH but do not break it, I will be looking for a move down past the recent low.
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I will be looking for a bounce at the zone labelled "Key Support", not sure how high it will bounce but for me its worth the risk:reward.
What do you think?