ETH had a major retrace from its recent highs, hitting 288 before retracing. No take profits at 290 got hit so now I'm managing my risk and to be honest one of the reasons I'm pulling for bull is because I'd lose some money otherwise; I took profit on all my longs that were in the money from 250 upward and i have some longs underwater in the 270's and 280s. Luckily for me we seem to be forming an ascending triangle and not a rising wedge; counterpoint is we slipped the 4h50 and haven't retaken it. We hold this trend-line thats been in effect since early Feb and break out north and I'll make out like a bandit. The 1h, 4h and daily stoch RSI are oversold, so if we get a nice snap back we could keep going. The weekly stoch RSI is topped out.
As an aside, bitcoin has broken its 4h trend line, but its move up wasn't as powerful, and we see the 200 SMA on the 4h holding; but the 4h was broken. If this remains the case, if these lines hold for ETH and BTC then we are good. IF not then the down side could be dramatic.
As an aside, bitcoin has broken its 4h trend line, but its move up wasn't as powerful, and we see the 200 SMA on the 4h holding; but the 4h was broken. If this remains the case, if these lines hold for ETH and BTC then we are good. IF not then the down side could be dramatic.
Comment:
Squeeze up and the next run is a fait accompli
We slipped out the wedge for now, but the 4h Heikin Ashi candles may be turning green; with a good stoch RSI run we'd likey triple top, or BURST THROUGH RESISTANCE