Here's your ETHUSD dip opportunity. The line represents a support that was previously resistance. Today's Darth Maul wick's purpose is to take out the late longers. My thesis is invalidated if the line breaks - a daily close under. Right now, it's ETH's time to rise and shine. The USD pair, not the BTC pair.
Comparing BTCUSD vs. ETHUSD. BTC has skyrocketed the past week. ETH has also followed suit but is still stuck between $310-$315. It's now time for ETHUSD to breakout once BTC inevitably cools.
ETH to $400 minimum
$9700-$9900 - April/May 2018 reversal points. Shorting this area = the next high risk move
- Rising wedge + falling volume suggests reversal (temporarily)
- $9700-$9900 = next bearish supply zone that front-ran $10,000 last spring
- High time frames beyond the Daily are oversold
Bear in mind (pun unintended), this is the bull market that should last over 2...
Yesterday's dump was the retest of the $8200 support (previously resistance). In recent weeks, $BTC broke out of two ascending triangles and successfully retested the breakout zone. This parabolic rise also took out big supply points of 2018 (trend reversal price points) at $8400 of July 2018 and $7400 of Sept 2018, which now gives us the pathway to May 2018's...
ETH is ready for take-off after 18 long months of distribution!
1. Huge buy volume spike off of support - last 2 instances saw ETH skyrocket 3-5x. Demand is back!
2. 17 month long distribution triangle about to burst!
3. Dapps! Dapps! Dapps!