ETH had a nice rip to the upside after breaking through the 50 & 100SMAs.
As I mentioned previously, I took my first long when I saw it breaking through the 50 & 100, & noticed that there was going to be a Golden Cross within the next 8 hours.
I then noticed that the 9SMA was turning up and looking to start ripping through the higher SMAs, which it ended up doing, so I got even more bullish then.
Things to note:
- the 9SMA has been on a tear and just crossed above the 200 iat 8PM EST
- I would be looking to add to this position if we re-tested the 200 (red line) @ $1690ish. If not, no worries
- we are facing downward slopping resistance from the Nov ATH, but bullish alignment of the MAs makes me confident that any pullback would be followed by a move up to the Golden Pocket
- TP #2 $1805 GP & major liquidity zone
- TP #3 $1815 GP & major liquidity zone
IF we smashed into the GP, I would expect some kind of back-test of the downward trendline, and decide from there whether I want to get back in and ride ETH to the 0.786 @ $1900 or not.
Always DYOR and manage risk. We are still macro bullish until the 50 crosses the 200 on the daily chart, and I'm ultimately looking to build-out a nice short position, assuming my bearish thesis doesn't get invalidated.
As I mentioned previously, I took my first long when I saw it breaking through the 50 & 100, & noticed that there was going to be a Golden Cross within the next 8 hours.
I then noticed that the 9SMA was turning up and looking to start ripping through the higher SMAs, which it ended up doing, so I got even more bullish then.
Things to note:
- the 9SMA has been on a tear and just crossed above the 200 iat 8PM EST
- I would be looking to add to this position if we re-tested the 200 (red line) @ $1690ish. If not, no worries
- we are facing downward slopping resistance from the Nov ATH, but bullish alignment of the MAs makes me confident that any pullback would be followed by a move up to the Golden Pocket
- TP #2 $1805 GP & major liquidity zone
- TP #3 $1815 GP & major liquidity zone
IF we smashed into the GP, I would expect some kind of back-test of the downward trendline, and decide from there whether I want to get back in and ride ETH to the 0.786 @ $1900 or not.
Always DYOR and manage risk. We are still macro bullish until the 50 crosses the 200 on the daily chart, and I'm ultimately looking to build-out a nice short position, assuming my bearish thesis doesn't get invalidated.