EthereumLong
Crypto Bottoms: ETHUSD Update
Updated
As the crypto descent continues, this chart has more of my attention than anything else right now. First published on Oct. 29 (linked), price was around $200 at the time and I thought a %50 drop to $100 was unlikely. But with the recent carnage and current price of $125, this setup is very much in play.
Expecting a final down wave to test below $100. I'll be looking to get fully long there, not just ETH but all cryptos I like. As mentioned on Oct. 29, the red trendline is a final line in the sand. If we get consistent closes and steady price action below this line I'll consider that as a sign that fundamentals and the crypto space overall is actually deteriorating and will need to liquidate all crypto holdings.
Expecting a final down wave to test below $100. I'll be looking to get fully long there, not just ETH but all cryptos I like. As mentioned on Oct. 29, the red trendline is a final line in the sand. If we get consistent closes and steady price action below this line I'll consider that as a sign that fundamentals and the crypto space overall is actually deteriorating and will need to liquidate all crypto holdings.
Note
Price barely tested my reversal zone over the weekend, as there were only a few exchanges that ETHUSD traded below $100. I expect a further more vigorous test of my green zone. Keep in mind that in this case both the trendline and target zone of 94.39 aren't super precise - just a slight shifting of the trendline which runs from last November can change it's current location. Ideally I'd like to see a brief dip into the 90's and even 80's very soon, quickly followed by closes back above the trendline. I definitely do not want to see price consolidate into another low-volatility sideways chop pattern for days down here.
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