Crypto unsettled - Will he have another ATH before next dip?
Hey everyone!
I can`t keep thanking enough to everyone who supports the DataMoney community and wants more interactions and more posts!
Sometimes taking some time off is inevitable and within a month posts should be more frequent.
Alternatively, everyone is welcome to support DataMoney on Patreon - that would allow us to grow our community faster and incentivize members to produce more quality content more frequently.
Back to business:
Let's recap what is happening in the market:
- All cryptocurrencies continue to be super hyped
- ETH hits another ATH of $2643
- Volatility jumps way up opening good day trading opportunities
- Upwards trend is obviously slowing down
What does all of that mean?
In a nutshell, one could oversimplify and say that market ran out of gas. Larger price swings just communicate that the number of hypesters is reducing. Maybe it means that more and larger investors have closed their positions and waiting for a profitable drop? Maybe it means that there are more and larger short sellers? Regardless the higher the volatility the better for daily traders. More and more people are getting excited for that 20-30% drop that should send all cryptos down (with ETH ballpark of sub $2k)
On the other hand, hyperinflation in crypto markets is still disconnected from the rest of the world. US Dollar is still surprisingly strong and given the supply and global markets are still yet to reopen. Billionaires are still stashing their billions with nothing else to do other than pour it into the crypto market. It may take another month of the bull market before we have a large correction.
Upcoming week's technicals:
Position likely to be short (with plenty of buy and sell opportunities!)
Forecasted highs at ETH $2550 and $2650
Mid-way point at $2350 (basically anything above that point is overpriced)
Forecasted lows at $2150 and $2000 (In the short term, anything under $2k is a good buy. Let's see what it looks like in 5days!)
Have a great week trading! 🤑
Our DataMoney community remains active!
If you would like to have early access invite to DataMoney ETH technical analysis, please drop in the comments below what was your favourite DataMoney post 😉
I can`t keep thanking enough to everyone who supports the DataMoney community and wants more interactions and more posts!
Sometimes taking some time off is inevitable and within a month posts should be more frequent.
Alternatively, everyone is welcome to support DataMoney on Patreon - that would allow us to grow our community faster and incentivize members to produce more quality content more frequently.
Back to business:
Let's recap what is happening in the market:
- All cryptocurrencies continue to be super hyped
- ETH hits another ATH of $2643
- Volatility jumps way up opening good day trading opportunities
- Upwards trend is obviously slowing down
What does all of that mean?
In a nutshell, one could oversimplify and say that market ran out of gas. Larger price swings just communicate that the number of hypesters is reducing. Maybe it means that more and larger investors have closed their positions and waiting for a profitable drop? Maybe it means that there are more and larger short sellers? Regardless the higher the volatility the better for daily traders. More and more people are getting excited for that 20-30% drop that should send all cryptos down (with ETH ballpark of sub $2k)
On the other hand, hyperinflation in crypto markets is still disconnected from the rest of the world. US Dollar is still surprisingly strong and given the supply and global markets are still yet to reopen. Billionaires are still stashing their billions with nothing else to do other than pour it into the crypto market. It may take another month of the bull market before we have a large correction.
Upcoming week's technicals:
Position likely to be short (with plenty of buy and sell opportunities!)
Forecasted highs at ETH $2550 and $2650
Mid-way point at $2350 (basically anything above that point is overpriced)
Forecasted lows at $2150 and $2000 (In the short term, anything under $2k is a good buy. Let's see what it looks like in 5days!)
Have a great week trading! 🤑
Our DataMoney community remains active!
If you would like to have early access invite to DataMoney ETH technical analysis, please drop in the comments below what was your favourite DataMoney post 😉