Before the merge, the narrative was future technology --> ETH go to moon. Now everything is a scam and going straight to zero. Cool, but I think a nice long trade setup is forming here on Ethereum. Ethereum is very close to tagging it's 200W MA at $1,278. Support is at $1,280 along with 2 fib levels at $1,211 and $1,251 as well as a high volume node at $1,216. I'll be very surprised if Ethereum just flash crashes below $1,210-$1,280 with no bounce at all given the confluence of support.
Long term: I am still very bullish DXY and US10Y which doesn't spell well for cryptocurrency at all.
Long term: I am still very bullish DXY and US10Y which doesn't spell well for cryptocurrency at all.
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ETH/BTC shooting star + bearish continuation on weekly off of historical resistance. Should the bear market continue, and I think it will, bitcoin dominance will soar, and ETH/BTC will nosedive off a cliff. I don't think Ethereum is "flipping" Bitcoin anytime soon. If anything Ethereum is going to crash a lot harder than bitcoin.
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Wicked right into the fibs, HVN, 200W MA. Channel your inner Michael Saylor.
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BTC dominance has been getting rejected by the same fib the whole month. Dip in dominance will give some room for alts to pump. This is bullish imo.
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Interesting to see short interest spiking up as all indices approach their 200 Weekly Moving Average. Put/Call ratio spiked up to 1.3. I learned the hard way shorting support isn't a good idea, and who knows maybe buying into crypto isn't the smartest move, but I'm still adding. On a day when extreme fear plunged all the markets, bitcoin dominance is still down 1% and alts like XRP are leading the way into the green. Bitcoin is still holding $18,500.
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Getting flashbacks to my 1st ever crypto trade which so happened to also be a diamond bottom on either BTC or ETH last year
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Unfortunately, crypto looks like its about to dump. Needs an index bounce, and I dunno if we're going to get one tbh.
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Another retest of this highlighted area is coming imo
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This is what an index bounce would look like imo. SPX testing the 200W MA with a bit of overshoot before a bounce back to 3900-4000. ETH should hold the highlighted area.
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1400 here we come
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Bitcoin notches a momentum wave of over 100 for the first time in... quite awhile lol. I don't believe this is going to be a pump and dump and we're at 18k tomorrow. If SPX can get on with its rebound to 3900, we could be looking at a nice retest of the 200W MA at $23,000. ETH will follow suit.
Side note: JMTC, this pump will be a cushion for SPX's eventual test of the 200W MA. I'm very confident SPX will tag or will overshoot it to $3,200. Crypto will most likely trade sideways before a true breakout. By true breakout I mean a retest of $28,000 if not higher. I will be loading more crypto when I believe SPX has finished Wave A of a larger ABC correction in my previous SPX threads. Of course, if SPX fails to hold $3,200-200W MA, this theory is invalid :)
Short term target for BTC is $20,800 and ETH is $1,410-$1,420. I would REALLY like to see a SPX breakout to the upside tomorrow.
Side note: JMTC, this pump will be a cushion for SPX's eventual test of the 200W MA. I'm very confident SPX will tag or will overshoot it to $3,200. Crypto will most likely trade sideways before a true breakout. By true breakout I mean a retest of $28,000 if not higher. I will be loading more crypto when I believe SPX has finished Wave A of a larger ABC correction in my previous SPX threads. Of course, if SPX fails to hold $3,200-200W MA, this theory is invalid :)
Short term target for BTC is $20,800 and ETH is $1,410-$1,420. I would REALLY like to see a SPX breakout to the upside tomorrow.
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Wow that was quite a fake out. I'm a bit concerned. None of the indices look like they are bottoming out and both BTC and ETH are forming daily stars. Especially bitcoin's star off the 2020 high is very concerning. Cipher ain't showing anything too bullish either. That "cushion" evaporated within minutes. Gotta learn to lock in profits, but I'm most likely exiting depending on the daily close. Unless something magical happens within the next 2 hours, bears are going to have this on lockdown.
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2017 high*
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Bitcoin looks like shit for the first time in awhile.
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Well both BTC and ETH retested their support ranges, and got a very nice bounce along with indices. Let's see if US10Y and DXY can close the week with a shooting star and currencies like EUR,GBP,NZD.AUD can close with hammers. ETH has just been range trading, and now tagging its VAH which should be resistance. Really waiting for the end of the week to get a clearer macro picture.
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Scalper's dream, but a hodler's nightmare. ETH continuing to trade in a tight range between VAL and VAH. This coiling of price action is going to lead to an explosive move. To the downside imo.
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A bigger pump on ETH depended on SPX reclaiming the 1 fib level and pumping back to 3900-4000. Unfortunately, SPX continued to get rejected and is still below the fib level. On top of that, the yearly lows were broken. I don't see ETH pumping if SPX is bearish.