ETH just reached the 61% fib level and nearly the 200DMA. Market is extremely volatile by now, but this could be a good entry as long the trendline holds.
Also: capitulation in ETH/BTC. May be a good opportunity.
Take care guys.
BTC is bleeding. Tbh, nothing unsuspected after such a short term bull run. However, as we couldn't make it thru the 61% fib and were unable to hold the 50% fib from the last ATH.
For now and as long as BTC is not pushing over $10.8k sustainably, I am a bear and my next targets for long term entries are as indicated by the green arrows.
I am going to double down...
BTC is currently struggling at the 38% fib from its ATH. However, trading from this channel the $10k target will essentially mark the upper line of the channel.
Watch those red lines carefully as BTC may prepare for a big dump into the abyss.
Right now, I am not having any regrets closing some longs of my trading stash. However, we could easily be in for the psy 10k move or even to the 11.5k (50% fib) which makes me hodl onto some of my longs.
Don't get caught buying the top. Don't let some YouTubers say that we are heading straight to the moon ... At some point a retracement is imminent.
4h Chart may indicates a raising wedge pattern which is forming a potential right shoulder.
According to fib-levels starting from $3.1k to the head $9.1k:
If H+S pattern gets confirmed, BTC could retrace to $6.1k (50%) and $5.4k (61%).
Also note that BTC crossed and closed below the...