Yesterday I posted day chart of ETHBTC. Today the 4h chart. Though on today I see a uptrend on the 4h chart it's into RSI divergence. With the break out and uptrend it's possible price keeps moving with that trend. Though I think it's unlikely. One because of divergence and the other reason being hard fork update today creating excitement. I mentioned this...
Look at ETHBTC there is no trend reversal yet. I see a lot more excitement going into London hard fork. Especially around EIP-1559 that excitement is around the token burn aspect. This seems similar to the excitement around Bitcoin having. When price did not shoot up instantly after having people were disappointed. I think it's likely EIP-1559 has similar...
The recent days of growth on the ETHBTC chart seems like people are too confident for this to be a trend reversal. Though it's not impossible ETHBTC goes up from here. I am watching both BTC.D and the Trendlines for ETHBTC to get a better idea of what will happen next.
This uptrend could be short-lived or just starting. Still not really clear if this is part of a larger correction or the start of a new rally.
Switching to daily sell targets as weekly targets have been passed with exception of 1. Due to the huge rise in price the down side risk is starting to be high. Looking to liquidate percentages of at each new FIB level.
You can see my previous weekly targets. As the excitement is building I'm looking to shorten my targets. I've moved to daily targets. It allows for calculated numbers rather then emotional buying and selling. As we reach a mid market top it could be easy to follow the crowd. Meaning having Dimond hands as everyone cheers you on to HODL. I'll be reducing...
Something very interesting to watch is BB with standard deviation of 3 on daily chart. If you read this check that out. Unfortunately adding it made the chart confusing to read.
Moved profit targets from weekly to daily targets. Risk is much higher now they previous during entry. BTC.D at 60-70% strongly favored alts. At about 40% it's time to start packing up and moving back to BTC and possibly some USD.
When considering BTC.D now is not the time to get greedy on profits. It's not fun to be on the wrong side of a altcoin price correction. I have included my other thoughts in chart labels.
If you compare the risk-reward of this bull market to the previous one it's not even close. Definitely, something to consider. Based on this metric even if risk-reward was much lower this time say half. Bitcoin would still have a ton of room to move.
Bitcoin dominance has been not moving much if you look week to week. Bitcoin seems to be going sideways again. It's been 6 weeks since Bitcoin broke the last Fib target. Also, weekly 21 EMA is moving up. During the last bull market, 21 EMA repeatedly acted as support.
To clarify I am not currently Buying BTC. Though I am looking for opportunities to leave alts and return to Bitcoin. From a technical point of view historically in a bull market Bitcoin stays within 3 standard deviations. While staying about the 20MA/21EMA. The trend remains bullish until those averages are broken by a downtrend. Buying at this price means...
Marked on the chart are possible divergence and possible double bottom. Interesting to watch which way probability shifts.
Even with Bitcoin still taking ground altcoins continue to outpace Bitcoin. This still keeps going from my last post.
The downside target in QBTC should be around the 21 weekly EMA. The same as a bottom on BTC chart during a bull market is 21weekly EMA. I believe BTC is going sideways between 30k and 40k as is normal in Altcoin cycles. As such this 2.5 Risk Reward makes sense with limited downside risk. If Bitcoin should retest 40K BTC I'm out. As EMA should keep moving up...
I am looking for opportunities to take profits.
ETH might drop down to 0.038 short-term but I won't trade against the uptrend. Also, look at BTC and BTC.D charts. BTC is likely to move up this week as it moved down towards its 30K support. BTC.D has a trend line it could likely retest.