ETH did a great rally the other day only for the party to be stopped by the king taking a dump (aka BTC).
People hoped ETH can pump BTC up as well, but that was misplaced, there is only ONE market leader and that is Bitcoin. ETH has to accept it is only a proxy for altcoins.
Hence, ETH dropped 10% overnight which was quickly recovered which leads me to believe that ETH will consolidate in this area between $2,600 and $2,100 while BTC decides what to do. Once BTC finds a bottom and support, ETH is likely to re-test its current ATH at $2,645 and move towards $3,000.
I believe the current price action and market condition call for a no-trade scenario. Meaning, best to not trade until things get more clear. Sometimes the best trade is ... no trade.
Indicators are somewhat flat / bearish... so likely we will revisit support.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
People hoped ETH can pump BTC up as well, but that was misplaced, there is only ONE market leader and that is Bitcoin. ETH has to accept it is only a proxy for altcoins.
Hence, ETH dropped 10% overnight which was quickly recovered which leads me to believe that ETH will consolidate in this area between $2,600 and $2,100 while BTC decides what to do. Once BTC finds a bottom and support, ETH is likely to re-test its current ATH at $2,645 and move towards $3,000.
I believe the current price action and market condition call for a no-trade scenario. Meaning, best to not trade until things get more clear. Sometimes the best trade is ... no trade.
Indicators are somewhat flat / bearish... so likely we will revisit support.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
📣 Find more Alpha by joining Your Crypto Community 🔰 LINKs BELOW 🔰
🔹 Over 5,000 members!
🔹 Real trades & wins explained
🔹 Trading ideas, crypto trends & alpha
Likes and follows appreciated! 🚀
🔹 Over 5,000 members!
🔹 Real trades & wins explained
🔹 Trading ideas, crypto trends & alpha
Likes and follows appreciated! 🚀
