This recent impulse lasted 7 weeks on eth. It also hit the 16 week donchian channel high from a previous chart I posted which indicates this is a long term buying signal.
I strongly expect the recent impulse to reverse a bit since the final leg is an extended 5th wave and those are almost never stable. They do retrace.
Since we're getting into a phase where trading is going to get a little crazy I am just going to dollar cost average accumulating leveraged ethbull tokens using my existing btc and eth holdings. Whether eth goes high or low during this period my priority is to just get a decent overall average fill.
I have been tracking the rate eth is getting locked by defi and have mentioned a number of times about the possibility that defi locks eth at a rate faster than new eth is mined. That would be the catalyst to send eth to much higher highs as posted in the previous chart.
So I feel like the decisions I make over the next month or so could be pivotal on everything that comes for the next several years. My trading here needs to be such that it gets the basic idea right. The worst scenario would be to try to get an exact entry but miss the fill and then have to chase it.
I'm going to sleep on this which will give eth another day to dump out a bit and this price action will give me time to decide exactly how to proceed.
I strongly expect the recent impulse to reverse a bit since the final leg is an extended 5th wave and those are almost never stable. They do retrace.
Since we're getting into a phase where trading is going to get a little crazy I am just going to dollar cost average accumulating leveraged ethbull tokens using my existing btc and eth holdings. Whether eth goes high or low during this period my priority is to just get a decent overall average fill.
I have been tracking the rate eth is getting locked by defi and have mentioned a number of times about the possibility that defi locks eth at a rate faster than new eth is mined. That would be the catalyst to send eth to much higher highs as posted in the previous chart.
So I feel like the decisions I make over the next month or so could be pivotal on everything that comes for the next several years. My trading here needs to be such that it gets the basic idea right. The worst scenario would be to try to get an exact entry but miss the fill and then have to chase it.
I'm going to sleep on this which will give eth another day to dump out a bit and this price action will give me time to decide exactly how to proceed.
