ridethepig | ETH Market Commentary 2020.03.04
Updated
Coronavirus headlines continue to drive the market, I don't see how any expansionary monetary policy will help the situation. Fed cutting rates is undermining global CBs, they will do anything it takes to stop the bleeding in Equity markets and the capitulation was very telling.
We can comfortably lean on the bullish drivers for Crypto as ETH moves as collateral with BTC:
This will be a bullish signal for most major Cryptos as strange as it may sound, throw away confidence in the monetary policy and you wield influence in calming the transition to Cryptocurrencies. Smelling a big move cooking, from a strictly technical perspective we have a breakout of the short-term downtrend via an ABC zig-zag towards 229. A simple +2.2% swing in play with stops comfortably kept below the lows.
As usual thanks for keeping the likes and comments coming, a very technical zig-zag in play via CBs refilling the punchbowl.
We can comfortably lean on the bullish drivers for Crypto as ETH moves as collateral with BTC:
This will be a bullish signal for most major Cryptos as strange as it may sound, throw away confidence in the monetary policy and you wield influence in calming the transition to Cryptocurrencies. Smelling a big move cooking, from a strictly technical perspective we have a breakout of the short-term downtrend via an ABC zig-zag towards 229. A simple +2.2% swing in play with stops comfortably kept below the lows.
As usual thanks for keeping the likes and comments coming, a very technical zig-zag in play via CBs refilling the punchbowl.
Note
Eyes on the break with Tokyo Note
$229 Target hit! Trade closed: target reached
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