Not letting go of my eth short
Updated
I've caught most of the pumps that have taken place over the last few days. I must say if you blink you probably miss most of them. However these bursts of volume cause all indicators to look differently than if they hadn't happened. This must be considered when analyzing price action. I'm still bearish on ethereum and added near the top of the last pump. I may take a loss on this trade but I've accepted the risk. I'm holding somewhat longterm or whenever my targets are reached. Eth/btc ratio near all time lows, if BTC were to pump hard or dump I believe ETH will experience further decay against BTC.
However it is possible that this is a double bottom on the ratio. If BTC were to dump and make a lower high on weekly the rest of the market would be pulled down with that. I'm expecting to see money come out of alts first if this happens as many of them have experienced large gains over the last week.
Looking at margin positions, BTC shorts have finally started to peel back as longs have increased. ETH shorts completely melted over the last week and are heading down to near all time lows as Longs are still way up. Margin Longs on ETH indicate there was lots of accumulation as well as the volume on the weekly. In fact the weekly volume for ETH shows volume to be at yearly all time highs. This could be misleading. I've watched most of the recents pumps live and the amount of buying that happened in seconds each time ETH was starting to look weak is astounding.
It's possible that someone or a group of people are trying to keep it alive by painting the chart bullish and protecting key support levels. Almost like they are trying to induce fomo.
Overall still in a downtrend on higher time frames. I expect this wave up to run out of gas soon. I'll link more charts from different time frames to show you what I see.
However it is possible that this is a double bottom on the ratio. If BTC were to dump and make a lower high on weekly the rest of the market would be pulled down with that. I'm expecting to see money come out of alts first if this happens as many of them have experienced large gains over the last week.
Looking at margin positions, BTC shorts have finally started to peel back as longs have increased. ETH shorts completely melted over the last week and are heading down to near all time lows as Longs are still way up. Margin Longs on ETH indicate there was lots of accumulation as well as the volume on the weekly. In fact the weekly volume for ETH shows volume to be at yearly all time highs. This could be misleading. I've watched most of the recents pumps live and the amount of buying that happened in seconds each time ETH was starting to look weak is astounding.
It's possible that someone or a group of people are trying to keep it alive by painting the chart bullish and protecting key support levels. Almost like they are trying to induce fomo.
Overall still in a downtrend on higher time frames. I expect this wave up to run out of gas soon. I'll link more charts from different time frames to show you what I see.
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I will be posting charts from different time frames relevant to this idea shortlyNote
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