ETH 3150 is Now Key...Break It and We Go to 2951
BTC is now taking a leg lower. ETH was weak and BTC was acting as an anchor...limiting increases, BTC now pulling ETH lower. How low?
Expecting a bounce at 3150-ish, but we are heading to a test of 2951 and most likely a test of the 50SMA on the daily (currently at 2783). Wouldn't be surprised to see 2400 in the next 2 to 4 weeks, but thinking to see 2951 in next 24 hours.
I think the equity market will also dump in the morning...pulling BTC...pulling ETH...pulling alts. IF we get an equity crash, all bets are off and crypto will get murdered. NOTE: BTC is NOT gold...behaving like high risk (TSLA) not like safety. May get there, NOT there at all now. If bankers need to puke assets...BTC/ETH/crypto is FIRST.
My suggestion, do not try to pick buy/sell levels...use trailing stops...follow it down, get executed out. Once you are out, DO NOT RE-SHORT without a big move up (back to 3200+). DO NOT go long without a HUGE vol spike and a hammer candle on a 1 hour or hour time frame. USE STOP LOSSES...if you don't you willl NOT be reading crypto posts in 30-60 days. Google Rekt. :)
Side note...we were in sillly time:
1. Doge - this is just BS
2. SafeMoon - see above
3. ADA and others (which I like) going up 275x in 4 months.
When a company that shows "promise" like ETH is valued at 2x ORCL...that is silly time. If you offered me two ORCLs or 1 Ethereuem...wouldn't think twice. Would take Oracle (and they are a lost biz tech firm...can't get out of their own way).
Expecting a bounce at 3150-ish, but we are heading to a test of 2951 and most likely a test of the 50SMA on the daily (currently at 2783). Wouldn't be surprised to see 2400 in the next 2 to 4 weeks, but thinking to see 2951 in next 24 hours.
I think the equity market will also dump in the morning...pulling BTC...pulling ETH...pulling alts. IF we get an equity crash, all bets are off and crypto will get murdered. NOTE: BTC is NOT gold...behaving like high risk (TSLA) not like safety. May get there, NOT there at all now. If bankers need to puke assets...BTC/ETH/crypto is FIRST.
My suggestion, do not try to pick buy/sell levels...use trailing stops...follow it down, get executed out. Once you are out, DO NOT RE-SHORT without a big move up (back to 3200+). DO NOT go long without a HUGE vol spike and a hammer candle on a 1 hour or hour time frame. USE STOP LOSSES...if you don't you willl NOT be reading crypto posts in 30-60 days. Google Rekt. :)
Side note...we were in sillly time:
1. Doge - this is just BS
2. SafeMoon - see above
3. ADA and others (which I like) going up 275x in 4 months.
When a company that shows "promise" like ETH is valued at 2x ORCL...that is silly time. If you offered me two ORCLs or 1 Ethereuem...wouldn't think twice. Would take Oracle (and they are a lost biz tech firm...can't get out of their own way).
Comment:
stop for long at 2920
I would NOT suggest others go long. easier to look at shorting above 3150. I wish I hadn't shorted...tired. :)