Despite the recent bitcoin rally, Ethereum seemsed to be sleeping and bulls could not push into breaking major supply zone.
Now however it seems there is decision time - now or never. The level 236.58 seems to be significant and today the market tested cautiously. However until the market can't close above the today's highs any buying will be very risky.
The weakness of bitcoin against USD is not critical yet. Despite recent drop the 50% fibo of the recent rally is still to be tested and thats the the lower channel line too. The cross formed a bull flag which gives as even better probability to profit from long positions. However one should be patient to get the most out of the pattern.
Given the high volatility...
"King" is moving fast and because of that will trap few breavehearts.
What I mean by that? If that move is real we will see wahsout, "they" dont want Us here, "they" want Us higher, much higher.
Be careful out there, either we are going to see rejection around current level ( fast correction ) or around 6000 ( thats the obvious wall of supply so...... first...
All big names were bough aggressively today. So if there are institutional money you DON'T want to chase the price !
They will wash you out ! Wait for pullback in this particular case 12/10,5.
I do believe we will see bigger volatility hence sharper pullbacks...
You were warned that H&S is not going to work ( last time here ) but now ( if you are still long ) its time to actively manage long position. Im not saying we cant go higher from here , what Im saying is at least partial profit taking and waiting for pullback…. below 30k
Looking for attempt to go lower from current consolidation, strong rejection and move back into that box. This type of the behaviour may ensure stop hunting above 4200. Looking to buy that intraday dip
We were discussing ONG at the end of February here
In the short term we see potential in ONG as well. SO we would like to see stop hunt below 15k that would be our opportunity to go long. Strong move back above 15k in that case could ensure attempt to move higher towards 20k
This time something from the short side. Looking to sell spikes twds 5500/6000 - we are within the wide range and as long as daily close below 6000 shorts are safe. First target around 3500, second around 2000