Etheruem hit the $1000 and then the $2000 with almost pinpoint precision. It seems to be more reactive to those pysch levels than other assets.
Long term (very very far in the future) I am bullish on Ethereum. However, there are some patterns emerging in the short term.
Shorting Etherum to the $1000 psych level seems like a good trade as it has been trading sideways for quite some time. And on the wave trend and is showing signs of divergence. However, with price remaining in the precarious postion of being between the 21 and 50 sma, taking a trade on either end is risky. Hedging is certainly a must in this situation.
Ethereum could break through the 200 sma to continue some upside momentum. In which case, we will need to restart our approach.
Long term (very very far in the future) I am bullish on Ethereum. However, there are some patterns emerging in the short term.
Shorting Etherum to the $1000 psych level seems like a good trade as it has been trading sideways for quite some time. And on the wave trend and is showing signs of divergence. However, with price remaining in the precarious postion of being between the 21 and 50 sma, taking a trade on either end is risky. Hedging is certainly a must in this situation.
Ethereum could break through the 200 sma to continue some upside momentum. In which case, we will need to restart our approach.
Comment:
A few minutes after posting this, the bulls came in massively breaking past the 200 sma on the 4hr. It may be time to reassess.
Comment:
Took a while, but there we go
