If I didn't know the ticker, it looks like we could hit the 85% BTC.D
Not fast too, slowly
Saying this as someone with majority $ETH exposure
Staying majority alts on fundamentals more than technicals
Fundamentally, another fomo wave is coming and paying over $20,000 for one unit of something is not user-friendly for the majority of simps and normies
The $305 - $370 level has been critical support and resistance since the largest altseason so far in May 2017, when bitcoin broke its all time high of $1200 and altcoins saw 10x - 500x pumps across the board vs USD
Since that altseason in May 2017, ethereum has consistently come back to this range as support and resistance, recently confirming it as support
Bit of a tricky call, weekly and monthly look like beautiful falling wedge breakout trades primed for all time highs
However daily and short term time frames have clear head and shoulders with a downside target of 2.5% of BTC price, a large -20% move from even these low prices
Really tough to say whether to stick with $ETH over $BTC right now. Larger time frames...
Possible bull flag forming
Cup and handle is theme on monthly, do we see the same on daily as a fractal?
Note larger time frames are over extended on RSI, but at least in crypto land monthly+ RSI is often not useful
Decending triangles and ascending triangles a bit of a theme this 3 year consolidation
Not perfect but haven't seen this ascending triangle idea at all
One more dump entirely on the table
Staying investment long just incase it sends immedaitely
80% sure we've broken out, will know very soon
on 20% chance we made a third lower high, could still drop to bottom of triangle which lines up with 200 weekly average
number with 6 in it entirely possible
aware there's a lot of fear and disbelief in the markets which is exactly what you'd want to see post-breakout in crypto
we'll have a clear picture by...
Reasonable chance that was for real the last $10k ever unironically.
$SPX stonks showing weekly bearish divergance and dollar index $DXY due for an upside correction.
But as a pure chartist not looking at correlations, the weekly and monthly are hard to argue with.
All this bearishness and disbelief is exactly what you'd want to see post-halving.
Breakout or fakeout?
Volume not ideal for a breakout, but benefit of the doubt to bulls until proven otherwise.
Seeing 100% moves on altcoins is a point to the bulls
Fear and greed stuck at fear is a point to the bulls
There's some serious bearish divergence on the $SPX weekly chart, in conjunction with election uncertainty and likely dragged out...
Rising wedge on ETH
If we can hold the blue box (320 - 335) its a successful retest of resistance turned support.
If stonks are compliant, permission for ethereum to lead bitcoin short term.
If stonks dump then all bets are off.
Possible for further downside, let's see how this riding wedge plays out and if it turns into a channel or not. If downside we might...
Everyone's so bullish and confident in August 2020
Only 4 -5 months ago everyone was extremly bearish
A second capitulation before new highs is entirely on the cards still.
Anything can still happen with Corona, US elections and China
Still staying investment long, no plans to sell or try and time an event like this.
More likely breakdown than up given structure
Concave rounding and DEFI fomo wave could give REP some life
Expecting old bag-holder heavy coins to lag and underperform the new shiny DEFI pumpy coins
Is REP and old heavy coin with lots of burnt hands?
Or can DEFI magic make it new and shiny again
NEO was looking so good with its falling wedge breakout and cup and handle
Macro pattern failure
Three lower highs with grinding.
Macro trend to reassert itself after weakness?
More likely than not
New shiny coins pumping, old heavy many-bagholder coins no one wants
Break this broading wedge and horizontal support and I'm 80% altcoins until proven otherwise
Continuation of altcoin weakness possible but less and less likely the closer we approach the all time high of $BTC