Last week was intense. After ETH hitting the bottom at $1293, there have been many concerns about what direction will the market take. Will the early 2018 crypto disaster repeat itself and the price will just keep falling? Will ETH have a sharp recovery straight back to 2k? All this uncertainty pushed ETH into a situation of too many constraints.
As we explored in my recent post "Friday FOMO! How to make profit shorting ETH?", the price recovered and signalled a steep decline into the weekend. The signal was of an inverse Head & Shoulders pattern and required a sharp decline to complete. After US markets opened on Friday the 6th of March, there has been a sudden change of hearts and instead of a ~10% decline, markets went 16% up!
What does that mean? Why does that matter? This sudden change of hearts not only changed the market pattern, it changed the macro data! Besides a minor dip last Friday, ETH has been consistently rising and consistently overpriced above the Mid-way point for over a week! That should confirm that we are back to the bull market and we could be in for a consistently rising price this week.
We all know that past performance does not guarantee future returns. There is no such thing as a bad price, just trades at profit or loss. Usually, anyone fighting against the market loses. Following data and market trends usually brings profit. Let's stay on the profit side 😉
Today's technicals: Positions is long Forecasted highs at ETH $1760 and $1800 Mid-way point at $1600 Forecasted lows at unlikely $1600 and $1550
Have a profitable start of the week! 🤑
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