Quick Market Thoughts
Updated
Okay, so obviously the market is incredibly bullish right now. Tons of bullish sentiment, alts are still popping, BTC and ETH going up in price. Stimulus. Stonks going up.
But here is what I think from a TA standpoint on crypto.
The 0.618 is a key level of resistance. Right now it is the gateway between staying in consolidation, and going back to all time highs. If we pass the 0.618, it's back to all time highs.
You can see that BTC tested the 0.618 much sooner than ETH, and has already tested it several times in the last couple weeks. The good news is that it has been returning to it time and time again, making
higher highs and higher lows in the process. It is also consolidating very close to it now, which is great. Consolidation near a level this important is very healthy. It means the market
is really, truly testing this level to see if it is time to pass it or not. If it does pass it, it will be very decisive and likely the last time it sees this level for a long time, maybe forever.
ETH is testing this level now, and is doing so in a very healthy manner. It looked somewhat overextended yesterday, but now it's just consolidating near it more. It may get rejected,
because this is the first true test of the 0.618 it has had since the dump. If it does get rejected, it just means buying back in lower near the 0.382 or 0.236 for some swing trades, or
buying at those lower levels with the aim of returning to the 0.618 and/or above.
That's about it. Don't get distraught if this level gets rejected, don't be over-leveraging yourself long here, because it is resistance and could dump from it short-term. Remember to stay patient,
watch this key level, and be ready whatever happens.
But here is what I think from a TA standpoint on crypto.
The 0.618 is a key level of resistance. Right now it is the gateway between staying in consolidation, and going back to all time highs. If we pass the 0.618, it's back to all time highs.
You can see that BTC tested the 0.618 much sooner than ETH, and has already tested it several times in the last couple weeks. The good news is that it has been returning to it time and time again, making
higher highs and higher lows in the process. It is also consolidating very close to it now, which is great. Consolidation near a level this important is very healthy. It means the market
is really, truly testing this level to see if it is time to pass it or not. If it does pass it, it will be very decisive and likely the last time it sees this level for a long time, maybe forever.
ETH is testing this level now, and is doing so in a very healthy manner. It looked somewhat overextended yesterday, but now it's just consolidating near it more. It may get rejected,
because this is the first true test of the 0.618 it has had since the dump. If it does get rejected, it just means buying back in lower near the 0.382 or 0.236 for some swing trades, or
buying at those lower levels with the aim of returning to the 0.618 and/or above.
That's about it. Don't get distraught if this level gets rejected, don't be over-leveraging yourself long here, because it is resistance and could dump from it short-term. Remember to stay patient,
watch this key level, and be ready whatever happens.
Note
ETH broke through.This is it, it is done.
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