Eth is gradually turning the macro around.Obviously the big level to watch from now on is breaking $360-400 on a weekly basis, but that's quite far down the line. Currently, while it does seem a bit overextended here, it won't necessarily correct yet, but if it does I'd pick up a long around $200.Golden cross is imminent, and the market tends to gravitate towards it to give it a test so any dip close to 200 is a great buying opp.
On the other hand if this doesn't, and instead keeps on I will ladder shorts at 265-275 with a stop loss if daily closes above 276. I expect a quick flush down to 230-220 level to establish a higher low. I wouldn't short 225 here as that's too aggresive for my personal risk profile and that would be going against my bullish thesis for btc. If btc breaks up eth is gonna follow as well. Plus given how low the ethusd funding is on bitmex it's further unlikely that 230 is anything more than a short-term local top.
On the other hand if this doesn't, and instead keeps on I will ladder shorts at 265-275 with a stop loss if daily closes above 276. I expect a quick flush down to 230-220 level to establish a higher low. I wouldn't short 225 here as that's too aggresive for my personal risk profile and that would be going against my bullish thesis for btc. If btc breaks up eth is gonna follow as well. Plus given how low the ethusd funding is on bitmex it's further unlikely that 230 is anything more than a short-term local top.
Note
With the amount of momentum it has it can reach the 310 area. I'm gonna look for a short scalp around 310, and when the dust setles buy the dip. Probably 230 area will get retested.Note
280* not 310
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.