On the daily we are close to a ma cross over (12 and 26 period) - in line with a few weaker resistance levels - in the past the bulls have enjoyed breaking multiple levels at once (especially weaker ones). Also, this last move up has not given back a lot (very little retracement) - compared to the previous ones. ETH is defending the 128 with big buys and looks to me like they are feuling for a move up - also we have the fork which is tomorrow.
I have looked at previous moves like this and have found some examples where this price action and rsi matches continuation.
Also, I am sure there are a lot of shorters that got rocked by this move (as a lot of pro traders were suggesting shorts)... I think that the whales would probably want to move this up once more to get those liquidated.
High risk trade, and probably better to sit this one out and wait for confirmation. I am currently in a ETH long with a very conservative target : 138. If you are in a BTC long your target to get out would be inside the green box - closer to the bottom to stay safe.
Good luck!
I have looked at previous moves like this and have found some examples where this price action and rsi matches continuation.
Also, I am sure there are a lot of shorters that got rocked by this move (as a lot of pro traders were suggesting shorts)... I think that the whales would probably want to move this up once more to get those liquidated.
High risk trade, and probably better to sit this one out and wait for confirmation. I am currently in a ETH long with a very conservative target : 138. If you are in a BTC long your target to get out would be inside the green box - closer to the bottom to stay safe.
Good luck!
Comment:
So the ETH fork got delayed again and with it came a big dump... slowly building up back up... still holding onto my long.
www.coindesk.com/all...gulators-seem-to-see
I am still holding onto my long.