Ethereum has followed Bitcoin into new higher highs and higher lows on the 1hr timeframe with +40% from the current bottom. So have we bottomed out like everyone is saying!? I still doubt it and I want to see confirmation first!
So how do we find confirmation? Well, either if we keep trending above the bullish trendline or after a retrace stay above the 0.618 or if we break the resistance box and retest it as support. The latest scenario would likely take us all the way to 3000$! For now there's no reason yet to run to the bank and go all in... we can still have a substantial retrace to around the 2000$ level. At this very moment the bullish momentum for BTC is weakening which could indicate we are due for a reversal back down as mentioned in my previous analysis. We see the same for ETH at this moment with declining volume. I wouldn't bet yet on any of the two scenarios, lets wait and see. If we break the bullish trendline and retest it as resistance we are still continuing bearish momentum. However the market as a whole does look increasingly more bullish but that doesnt mean a reversal just yet. Relief rallies and short squeezes are standard in crypto bear markets. I am neutral, which means I am increasingly monitoring price action over the next days and weeks.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
So how do we find confirmation? Well, either if we keep trending above the bullish trendline or after a retrace stay above the 0.618 or if we break the resistance box and retest it as support. The latest scenario would likely take us all the way to 3000$! For now there's no reason yet to run to the bank and go all in... we can still have a substantial retrace to around the 2000$ level. At this very moment the bullish momentum for BTC is weakening which could indicate we are due for a reversal back down as mentioned in my previous analysis. We see the same for ETH at this moment with declining volume. I wouldn't bet yet on any of the two scenarios, lets wait and see. If we break the bullish trendline and retest it as resistance we are still continuing bearish momentum. However the market as a whole does look increasingly more bullish but that doesnt mean a reversal just yet. Relief rallies and short squeezes are standard in crypto bear markets. I am neutral, which means I am increasingly monitoring price action over the next days and weeks.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Trade active:
down!
Comment:
Closed my short opened at the fake out spot with a little profit. Ethereum looks bullish now and we are edging closer to a breakout...
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