Looking at EthUsd, there's quite a lot to unpack on the technical side of things. First, this crypto has been on a crazy bull run the last month and a half. The value has gone up 123% in the last month and a half!:exploding_head: Crazy!
With this being said, I don't believe this bullish market structure could sustain itself at the volume it's been portraying recently. Not only does the chart look slightly overbought in my subjective opinion, we are also approaching a Potential Resistance Level of interest. Although I am long-term bullish on Ethereum, I wouldn't be too quick to blindly buy this asset yet.
My intuition is telling me that we may get some selling pressure around the Potential Resistance Level, and possibly retrace back to the "Pivot Point" that I've identified on the chart. This Pivot Point includes a Significant Daily Level, as well as a Non-Horizontal Support Level that could potentially find the liquidity to drive the price for another bullish rally.
I'm not looking to sell in a bull market, but I am waiting for price to make some type of retracement for an opportunity to capitalize on the bullish trend continuation. So for now, I'm just patiently waiting for a bearish pullback.
With this being said, I don't believe this bullish market structure could sustain itself at the volume it's been portraying recently. Not only does the chart look slightly overbought in my subjective opinion, we are also approaching a Potential Resistance Level of interest. Although I am long-term bullish on Ethereum, I wouldn't be too quick to blindly buy this asset yet.
My intuition is telling me that we may get some selling pressure around the Potential Resistance Level, and possibly retrace back to the "Pivot Point" that I've identified on the chart. This Pivot Point includes a Significant Daily Level, as well as a Non-Horizontal Support Level that could potentially find the liquidity to drive the price for another bullish rally.
I'm not looking to sell in a bull market, but I am waiting for price to make some type of retracement for an opportunity to capitalize on the bullish trend continuation. So for now, I'm just patiently waiting for a bearish pullback.
