In my previous analysis, I proposed that Ethereum is in a parabolic up-trend with a potential target of $350 by March.
Many traders are waiting for a heavy fib correction to .618, which is a rare occurrence in parabolic trends. Correctly identify the trend, and you will be able to catch the dips.
Yesterday, ethereum reached a moderate HTF resistance at the 278 area where many leveraged traders took profit. Bears saw this as an opportunity to take control, but the parabolic trend is displaying expected resilience to heavy corrections.
There is also heavy buy demand waiting below 253 due to S/R flip. As we breach the highs again, Buyers waiting for a heavy correction will become late longs as we breach the local high again, further fueling the rally.
Inverse H&S forming within the symmetrical triangle as well to support the narrative.
Size accordingly and always manage your risk.
Nyapasu~
Many traders are waiting for a heavy fib correction to .618, which is a rare occurrence in parabolic trends. Correctly identify the trend, and you will be able to catch the dips.
Yesterday, ethereum reached a moderate HTF resistance at the 278 area where many leveraged traders took profit. Bears saw this as an opportunity to take control, but the parabolic trend is displaying expected resilience to heavy corrections.
There is also heavy buy demand waiting below 253 due to S/R flip. As we breach the highs again, Buyers waiting for a heavy correction will become late longs as we breach the local high again, further fueling the rally.
Inverse H&S forming within the symmetrical triangle as well to support the narrative.
Size accordingly and always manage your risk.
Nyapasu~
But still consolidating in the range without breaking down.
I see quite many people have taken shorts around here, they will be soon liquidated
and converted into longs ;)