I know some people dont like to look at down side trajectory, its all a little doom and gloomy specially when your bag holding well...stuff you dont understand, but lets get into the price analysis
The demand created at around 1600 from the break out in April this year had been tested once with a fair bounce, but failed to make a new high and then second time just recently with a not so strong bounce..
Things are very bleek in the crypto market in general right now with all eye's on the big dog making a move to give confidence back to the market.
The reason I feel the opportunities on ETH now are descent is the fact it has a fair way to fall through not a lot of structure and only one other easily identifiable level of demand around 1300 created in feb and retested in march this year.
The reason I dont see that level or structure through there holding support is the fact if we break the current demand its because bitcoin is also breaking levels creating more bearish sentiment and seller momentum.
This will see not only the dollar value drop on alts but the sat value as well due to the arbitrage triangle...this will cause a multiplier on the price action of most alts.
The next major level of support on ETH isnt until back down around 720-800 which is a fair drop from its current price point.
Now to the bullish argument we are on still on demand and could push off over the next few days but its been a pretty average attempt so far.
The move upwards to the previous supply block is still a descent move but unless it can bust through that level we will only be ranging further with BTC.
I just cant see the bullish move playing out right now so im looking for a good short entry on eth right now around the low 2000 level to run a stop above 2200.
Will look to mange trade through the AOI but targeting the 720 or front running to 800 seems more reasonable to me
The demand created at around 1600 from the break out in April this year had been tested once with a fair bounce, but failed to make a new high and then second time just recently with a not so strong bounce..
Things are very bleek in the crypto market in general right now with all eye's on the big dog making a move to give confidence back to the market.
The reason I feel the opportunities on ETH now are descent is the fact it has a fair way to fall through not a lot of structure and only one other easily identifiable level of demand around 1300 created in feb and retested in march this year.
The reason I dont see that level or structure through there holding support is the fact if we break the current demand its because bitcoin is also breaking levels creating more bearish sentiment and seller momentum.
This will see not only the dollar value drop on alts but the sat value as well due to the arbitrage triangle...this will cause a multiplier on the price action of most alts.
The next major level of support on ETH isnt until back down around 720-800 which is a fair drop from its current price point.
Now to the bullish argument we are on still on demand and could push off over the next few days but its been a pretty average attempt so far.
The move upwards to the previous supply block is still a descent move but unless it can bust through that level we will only be ranging further with BTC.
I just cant see the bullish move playing out right now so im looking for a good short entry on eth right now around the low 2000 level to run a stop above 2200.
Will look to mange trade through the AOI but targeting the 720 or front running to 800 seems more reasonable to me
Comment:
Took the path to the upside so now im looking for an entry long if we can create a high low forming the new market strcuture.
Trade active:
nice pick up on the pull back after bitcoin turned the market bullish again in the short term, lets see if its got the legs to continue to the supply block