ETH Bulls Test Daily Resistance

Bitcoin remains within its tightening daily range after forming a 4 hour higher low last night. Alt coins continue to run with LINK, ZRX, BNB seeing solid pumps overnight last night.

I have initiated a position in ETH this morning with a stop under the 4 hour higher low in the $177s. ETHBTC has seen a bull break over daily resistance, and any bull moves on BTC could be magnified on ETH in this current setup. Target would be a swing trade looking for the mid $190s.

As we know, the longer BTC trades sideways, the more space altcoins have to run on their own without any correlations weighing them down. Every time an altcoin pops, holds its gains, and sees continuation, it adds confidence in the altcoin space for bulls to hold on for bigger moves.

Patiently waiting for BTC to break its sideways daily channel, but it could stay within it for the rest of the week. Congrats alt bulls!

Comment:

I will look to add a 2nd ETH position if hourly consolidation occurs here and remains healthy holding hourly EMA12 support to form a higher low in the low $180s.