Loyal readers already know the current trend. Here is a quick summary for the ones who are new: Last week was supposed to be an opportunity for bears to shine. However, on Wednesday markets went up instead of going down making everyone confused. Maybe that is why ETH price remained confused at the midway point. Now there was a lot of buzz about WSB, GME and DOGE that most likely pushed BOTS into higher than usual buying. On top of that Mr.Elon with a single #tag send BTC 20% up on Friday! What a week! Most traders could not believe their random luck, took 20-30% profit and took the weekend off drinking champagne 🍸🍹😎 This naturally dried the demand and a slow, painful weekend bleed began.
So, where are we now? We have not yet reached a 7 day low, it is unlikely that we will see a 7 day high either. With volatility, demand and volumes dropping - it seems rather a bleak week. But it really doesn't have to be. There is still a glimmer of hope that whales will wake up and will swing the markets once again.
Here are some technicals data: Midway point of 1330 seem to form a strong resistance blocking the price to go up. Unlikely potential highs: 1400 & 1425. The support line is unclear at the moment, in the last 3 days there have been numerous times there was less than $20 between Support and Resistance sending ETH into low-volatility no-mans land. Potential lows forecasted at 1255 and 1210.
I was hoping we'd see a rally week and breakout there to ATH or at least a re-test of 1440 area.
Where would you place your stop here, knowing they regularly gun for the stops then back up, creating a bullish candle.
Currently I've set mental stops at 1200 but maybe I should tighten these a bit, in light of demand dropping, low volume.
Thanks
DataMoney
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@BJFprivate, thanks for your comment.
I don`t think many people were trading this weekend and probably Monday too. So probably no need for stops. What's the point of trading when the price volatility is 2%? Almost no one is selling, almost no one is buying, however, due to BTC price and strong RSI, BOTS are still slowly buying both BTC and ETH. This was a very unusual Monday in deed.
PatitoMilefa
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Purfect!
WicktatorFX
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It was bound to break up sooner or later. Hope you caught this!
I was hoping we'd see a rally week and breakout there to ATH or at least a re-test of 1440 area.
Where would you place your stop here, knowing they regularly gun for the stops then back up, creating a bullish candle.
Currently I've set mental stops at 1200 but maybe I should tighten these a bit, in light of demand dropping, low volume.
Thanks