ETH inverse H&S bottom-out and we are back to the bull market!
Last week was intense. After ETH hitting the bottom at $1293, there have been many concerns about what direction will the market take. Will the early 2018 crypto disaster repeat itself and the price will just keep falling? Will ETH have a sharp recovery straight back to $2k? All this uncertainty pushed ETH into a situation of too many constraints.
As we explored in my recent post "Friday FOMO! How to make profit shorting ETH?", the price recovered and signalled a steep decline into the weekend. The signal was of an inverse Head & Shoulders pattern and required a sharp decline to complete. After US markets opened on Friday the 6th of March, there has been a sudden change of hearts and instead of a ~10% decline, markets went 16% up!
What does that mean? Why does that matter? This sudden change of hearts not only changed the market pattern, it changed the macro data! Besides a minor dip last Friday, ETH has been consistently rising and consistently overpriced above the Mid-way point for over a week! That should confirm that we are back to the bull market and we could be in for a consistently rising price this week.
We all know that past performance does not guarantee future returns. There is no such thing as a bad price, just trades at profit or loss. Usually, anyone fighting against the market loses. Following data and market trends usually brings profit. Let's stay on the profit side 😉
Today's technicals:
Positions is long
Forecasted highs at ETH $1760 and $1800
Mid-way point at $1600
Forecasted lows at unlikely $1600 and $1550
Have a profitable start of the week! 🤑
If you would like to have early access to my ETH TA's write "I would like to have early access invite" in the comments down below.
As we explored in my recent post "Friday FOMO! How to make profit shorting ETH?", the price recovered and signalled a steep decline into the weekend. The signal was of an inverse Head & Shoulders pattern and required a sharp decline to complete. After US markets opened on Friday the 6th of March, there has been a sudden change of hearts and instead of a ~10% decline, markets went 16% up!
What does that mean? Why does that matter? This sudden change of hearts not only changed the market pattern, it changed the macro data! Besides a minor dip last Friday, ETH has been consistently rising and consistently overpriced above the Mid-way point for over a week! That should confirm that we are back to the bull market and we could be in for a consistently rising price this week.
We all know that past performance does not guarantee future returns. There is no such thing as a bad price, just trades at profit or loss. Usually, anyone fighting against the market loses. Following data and market trends usually brings profit. Let's stay on the profit side 😉
Today's technicals:
Positions is long
Forecasted highs at ETH $1760 and $1800
Mid-way point at $1600
Forecasted lows at unlikely $1600 and $1550
Have a profitable start of the week! 🤑
If you would like to have early access to my ETH TA's write "I would like to have early access invite" in the comments down below.