Last week we were looking for a break of 60k for a long and did not want to see 56k taken out as that negated the trade. Reasonable to expect a retest of the lower end of the range between 50-60k but we are not getting that bounce, and Ethereum is showing some signs of a top. Quite simply The Moment of Truth for the market.
Many don't include time in their technical analysis and focus too much on crappy indicators, FURUS pumping more crap, and jump on the sentiment train because so and so who got into cryptos 3 months ago is shilling his profits.
So far so good momentum and sentiment is still in your favor, but if you have not taken any profits, this can lead to being a bag holder. Just amazing how quickly we forget about the 2018 bear market and convince ourselves "It's different this time", but is it?
Technical:
From a broader perspective (weekly candles) the market is simply in a consolidation phase. Looking at sentiment around us, more and more are jumping into the crypto space, yet Bitcoin really has not gone anywhere.
Simply still a consolidating market and we need to see 60k taken out for bullish momentum to continue and 50k for a bearish swing that could push into the mid 30's potentially. Will break it down more on the daily in a few, but pretty much balance in the market with buyers and sellers not having any advantage, but here is the key.
Lots of new participants are coming in as alt coins push record highs. It is safe to say many are buying Bitcoin as well, though with the friends and acquaintances I speak to, most are jumping on the alt coin wagon. Yet Bitcoin is not going anywhere and regardless of what people say, Bitcoin is still the 600lb gorilla in the space, though Ethereum is making some noise.
Sentiment is still hot hot hot, and it can remain hot hot hot for a period of time, but the hotter it gets, the more quickly things fall apart when the market turns. Will take a look at why I am forecasting that as well, but first the daily.
Unfortunately for some reason TV's chart attachment is not working so you have to go to the next post See Part 2-4 click on chart below
@Kamuzzi, I'm so sorry for your life that all you care for is calling out random anons from the comments. My trade didn't work that well and I decided to stop it out due to weak price action on important support zone on local timeframe way above 43k. Grow up kid, sometimes people lose money in markets.
Positic
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Great idea!
codewarrior_777
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You nailed this call!
bbkoopsta
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Again spot on! thanks a lot.
MoonMaster
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Been following since 2017 and it really is the best, we love your work. Please post updates!
mokate
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I always look forward to your crypto market updates. Simply the best.
JustARandomTrader
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So when would you recommend to open the long position?
Respect!~