Now the cryptocurrency market is entering its strongest phase. There are a lot of emotional traders on the market at the moment, a lot of 'buy' trades at price tops, and the market value of bitcoin is highly inflated. All we see in the market now is the emotion; fear and greed of people who did not have time to buy when the price was fair. They are now forced to take risks and try to catch lost profits. At Pennygene, we believe it will affect the price of ETH, that's why we have closed our Etherium positions.
When we talk about the dynamics of the altcoin market, of course, we must pay attention to ETH, because it is the main one. Take a look at the chart. ETH/BTC, this is the chart we used to determine our recent trading decisions.
The price tested the local high and closed higher, but the last 1W red candlestick apparently tells us that the new altcoin movement is postponed. The price is now 20 percent lower from the top of this movement. ETH hit a strong resistance level above the price of 0.040480. Trading volumes and RSI are not giving us bullish signals either, we closed our positions on ETH a few days ago with profit.
The reason we sold the asset was a false-break, the first candlestick closed above the 0.040480 level, but the next 1W candlestick closed lower. At the moment, ETH does not look like a promising buy. The condition under which we will enter a new long position is the price, which should close and consolidate above the level of 0.040480 on the 1W chart.
When we talk about the dynamics of the altcoin market, of course, we must pay attention to ETH, because it is the main one. Take a look at the chart. ETH/BTC, this is the chart we used to determine our recent trading decisions.
The price tested the local high and closed higher, but the last 1W red candlestick apparently tells us that the new altcoin movement is postponed. The price is now 20 percent lower from the top of this movement. ETH hit a strong resistance level above the price of 0.040480. Trading volumes and RSI are not giving us bullish signals either, we closed our positions on ETH a few days ago with profit.
The reason we sold the asset was a false-break, the first candlestick closed above the 0.040480 level, but the next 1W candlestick closed lower. At the moment, ETH does not look like a promising buy. The condition under which we will enter a new long position is the price, which should close and consolidate above the level of 0.040480 on the 1W chart.