ETHUSD ~ Overcooked, oversold, good chance to buy the dip.
ETH is overcooked and oversold. RSI is over 80.
ETH has overshot daily EMAs and almost looks parabolic.
So? Buy the dip.
If we're LUCKY we could see a 2021-capitulation-fib-0.382 retracement bounce.
I doubt it will go there, but the 0.5 is more possible and a convergence of the daily 21EMA over the coming week is even more likely than that.
I put bids on all these 3 levels.
I dont have much more dry powder left but its all going in this last dip before we actually do go really parabolic.
Look for a $6k to $12k ETH by end of year and I believe it will continue well into Q1/Q2-2022.
There are too many things pumping ETH right now to even doubt its parabolic future:
- NFTs (even though 99% of that is a bubble market that will pop and explode.....when people stop being insane and realize that JPGs and GIFs arent worth $millions even if they are "unique"....that is not what NFTs are meant for)
- The actual implementation of EIP-1559 has not been priced in yet, we are seeing it priced in as we go, day by day.
- DeFi boom 2.0 with institutional banks hopping over to DeFi to save themselves from being blockbustered.
- Eventual development of REAL NFTs in utility cases like a complete disruption of energy, legal, education, gaming, healthcare, even national identity and other sectors - that is what NFTs were meant for (not stupid "artwork").
- ETH2.0 always on the horizon, and I am hopeful that it will finally come by Q1-2022, which would be a perfect storm to drive ETH parabolic into a blow off top by Q2 for this cycle to come to a close.
- The fibonacci band-8 is the next band up, where all previous bull runs came to a close, and the current top of band-8 is RIGHT NOW around $17k....by 2022 we're looking at a possible $20k ETH if the cycle extends.
Of course I am biased.
I'm an ETH whale.
This is still 100% what I see - both in TA and FA. I am more of a long-term investor, I do not day trade and only rarely trade for "fun" a few times a year. My bias is much more heavily into FA than TA.
I will take some profits after 6k, 8k, 10k, and beyond. I will never sell more than 25% of my total ETH in each cycle.
This is not financial advice.
ETH has overshot daily EMAs and almost looks parabolic.
So? Buy the dip.
If we're LUCKY we could see a 2021-capitulation-fib-0.382 retracement bounce.
I doubt it will go there, but the 0.5 is more possible and a convergence of the daily 21EMA over the coming week is even more likely than that.
I put bids on all these 3 levels.
I dont have much more dry powder left but its all going in this last dip before we actually do go really parabolic.
Look for a $6k to $12k ETH by end of year and I believe it will continue well into Q1/Q2-2022.
There are too many things pumping ETH right now to even doubt its parabolic future:
- NFTs (even though 99% of that is a bubble market that will pop and explode.....when people stop being insane and realize that JPGs and GIFs arent worth $millions even if they are "unique"....that is not what NFTs are meant for)
- The actual implementation of EIP-1559 has not been priced in yet, we are seeing it priced in as we go, day by day.
- DeFi boom 2.0 with institutional banks hopping over to DeFi to save themselves from being blockbustered.
- Eventual development of REAL NFTs in utility cases like a complete disruption of energy, legal, education, gaming, healthcare, even national identity and other sectors - that is what NFTs were meant for (not stupid "artwork").
- ETH2.0 always on the horizon, and I am hopeful that it will finally come by Q1-2022, which would be a perfect storm to drive ETH parabolic into a blow off top by Q2 for this cycle to come to a close.
- The fibonacci band-8 is the next band up, where all previous bull runs came to a close, and the current top of band-8 is RIGHT NOW around $17k....by 2022 we're looking at a possible $20k ETH if the cycle extends.
Of course I am biased.
I'm an ETH whale.
This is still 100% what I see - both in TA and FA. I am more of a long-term investor, I do not day trade and only rarely trade for "fun" a few times a year. My bias is much more heavily into FA than TA.
I will take some profits after 6k, 8k, 10k, and beyond. I will never sell more than 25% of my total ETH in each cycle.
This is not financial advice.
Comment:
Its *POSSIBLE* (bearish scenario) that we see a double-top M formation happening here.
Which means we COULD roll over and drop down to this level in the chart (roughly 2688).
Invalidating this pattern is accomplished by breaking above the current top formation.
Which means we COULD roll over and drop down to this level in the chart (roughly 2688).
Invalidating this pattern is accomplished by breaking above the current top formation.
Comment:
BULLISH scenario: we break above current top - wait for the next 2 or 3 8H candle closes I would say - and wait for a retest of current resistance to flip to support to buy in ONLY IF THERE IS VOLUME.
IE:
- If we break above 3300, let it run up.
- Wait for retest of 3300 level as support.
- Enter long on retest with bids from 3300 to 3200
ONLY if the breakout volume is above the volume-ma
If breakout volume is below the volume-ma, I wouldnt touch it.
NOTE: we are heading into a weekend now too....
IE:
- If we break above 3300, let it run up.
- Wait for retest of 3300 level as support.
- Enter long on retest with bids from 3300 to 3200
ONLY if the breakout volume is above the volume-ma
If breakout volume is below the volume-ma, I wouldnt touch it.
NOTE: we are heading into a weekend now too....
Comment:
BTW I am long since 1818 - so I am biased.
I bought hard ETH mostly, but I still have 50% of my long position open from 1818 (took 50% profits at 3k a few days ago), and I added to it again at 2121, so I'm 100% long already and I am not closing my position yet.
Take that into consideration if you are considering going long on leverage.
Not financial advice.
I bought hard ETH mostly, but I still have 50% of my long position open from 1818 (took 50% profits at 3k a few days ago), and I added to it again at 2121, so I'm 100% long already and I am not closing my position yet.
Take that into consideration if you are considering going long on leverage.
Not financial advice.
Comment:
Wow - almost a month later and the buy order at 2910 filled on a flash crash, just $10 above the very bottom...
It pays to leave up buy orders at support zones!
These wicks are a gift!
It pays to leave up buy orders at support zones!
These wicks are a gift!
I already bought heavily everytime we went below 2k so I am pretty full-bags on ETH but you always get lucky liquidation wicks in crypto, so put your bids in anyway.
I picked up ADA at 0.56 and 0.44 in may, when it was trading over $1 but a huge liquidation wick dumped it down to ~0.2 for just about half an hour or less.
You never know which coin and at what time stuff like that happens so its always good to have some bids up for flash crashes.