ETH held stronger vs BTC at the lows.
While BTC made lower low, ETH remained above with a higher low. However since those lows, BTC dominance has flexed its muscle and ETH had lost some of its strength until recentl with the upgrades/mergers, ETH surged and bounce right back up. Tough to say whether another leg up is due, I am favoring at least a retest of the current high and possible a push up towards 2400-2800 & 2800-3200 area. At the highs is not where I want to be bullish considering economic conditions & where global markets are currently sitting. So if you bought at the lows, it would be very safe to be taking profits along the way as wave 4 retracement was already completed in the summer of 2022. Upside here can be viewed as limited, as the ending tops normally are.
We will have to wait and see how the current pullback plays out and see how markets behave over next few days/weeks. Opportunity to go long may be the favorable trade as I personally do favor another leg higher; a stop loss at previous low is ideal area to consider for managing risk.
Will update the wave counts as candles print. For now, nothing major. Current sequenece appears to be impulsive sequence of wave i-v to complete the corrective ABC as a wave ((4)).
We shall see how this plays out.
As always trade safe. If you would like to leave comments or share, please feel free.
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Happy Trading
Cheers
While BTC made lower low, ETH remained above with a higher low. However since those lows, BTC dominance has flexed its muscle and ETH had lost some of its strength until recentl with the upgrades/mergers, ETH surged and bounce right back up. Tough to say whether another leg up is due, I am favoring at least a retest of the current high and possible a push up towards 2400-2800 & 2800-3200 area. At the highs is not where I want to be bullish considering economic conditions & where global markets are currently sitting. So if you bought at the lows, it would be very safe to be taking profits along the way as wave 4 retracement was already completed in the summer of 2022. Upside here can be viewed as limited, as the ending tops normally are.
We will have to wait and see how the current pullback plays out and see how markets behave over next few days/weeks. Opportunity to go long may be the favorable trade as I personally do favor another leg higher; a stop loss at previous low is ideal area to consider for managing risk.
Will update the wave counts as candles print. For now, nothing major. Current sequenece appears to be impulsive sequence of wave i-v to complete the corrective ABC as a wave ((4)).
We shall see how this plays out.
As always trade safe. If you would like to leave comments or share, please feel free.
If you found this helpful please click like to show support
Happy Trading
Cheers
One trend is DOWNwards, one trend is UPwards