ETH has been consolidating for a long while, and is starting to show signs of wanting to bust up. There's been a retrace. Now is a good chance to enter long for a quick profit.
Trade closed: target reached:
ETH is at 1336; it has finally broken out, and this position is finally in profit after an long drawdown. But, in fear of downside risk, I am probably going to close the long soon, probably minutes after the FOMC meeting hits at 1:30 pm today, which IMO should boost everything, if only for a short while. (I have a long term bearish outlook for most crypto now...)
Comment:
ETH peaked at 1:40 pm @ 1353 before taking a dive to 1300, so my sell timing was very good.
IMO this was a classic buy the rumor sell the news situation: inflation was obviously low, so the yesterday's CPI would be good. So people bid things up. When the FOMC news was indeed good, a few last minute buyers bought, but overall the traders had to reverse since they had already gotten long during the rumor phase, so the price collapsed soon thereafter as a result.
IMO this was a classic buy the rumor sell the news situation: inflation was obviously low, so the yesterday's CPI would be good. So people bid things up. When the FOMC news was indeed good, a few last minute buyers bought, but overall the traders had to reverse since they had already gotten long during the rumor phase, so the price collapsed soon thereafter as a result.
Two knocks on the ceiling is a double top. Three or more is a weakening of it.