As many of you would be aware I'm pretty bullish on Ethereum and Bitcoin for the later half of 2021 but with the recent week of incredible gains comes the inevitable profit taking selloff. Lets take a look at this $1,440 level for instance. This level was previously triple resistance and should now act as support when intersecting with the 20 moving average on the daily.
Good Luck this week,
Tom
PS. If you are interested in finding out more about our courses check them out at fxevolution.com
Hi Tom. Appeciate your content! A price target of 2600$ at the end of the year seems a bit conservative compared to some of the other target you hear out there. Raoul Pal for instance see a target of 20K over the next 12 months. What are your thoughts on the gap between you target and his target. And yes I acknowledge that he has a big stake in crypto and obviously wants to construct a narrative of exponential price action, however his reflections are generally founded in some good trends and concepts. Metcalfs law, eth price relative to btc price as you also points out, slow but steady increased institutional adoption)
dchant
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Thanks Tom
mlinn
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This is really weird, FOREX.COM that you're using looks very different to other exchanges I'm using Kraken and it already had a long wick down to 1490 on yesterdays candle and price action on other days looks different too. I already see multiple hits to the daily 20ema whereas your chart using forex.com shows only one. Am I doing something wrong to be experiencing this? I'm really confused😕😕😕
mlinn
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@mlinn, Right it looks like this is because forex.com doesn't have weekend prices. So question becomes which exchange to use? I'm tempted to say should be one which includes weekend data as significant moves do happen at the weekend. But I'd like to know your opinion Tom. I'm a big fan btw, keep up the good work.
FXEvolution
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@mlinn, they are futures so yes, best to use the normal exchange data such as kraken binance etc.
Insaneindamembrane
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Great technical analysis, love the way you explain what you mean and make it easily understood for newbie traders. Keep up the fantastic work!