ETH | BTC: is the run over?Quick message to say keep a tight stop loss...
Things were looking great until recently. Today we saw ETH 7 week ascending channel break and currently looks like it has converted the bottom of channel into resistance now. Whats worse is that BTC broke down out of its channel several days ago and appears to be forming a descending channel now. One thing we can assess from previous market moves, if BTC pulls back, so will ETH.
Keep a close eye on the market with tight stop loss, if we maintain a descending channel, shorting every touch of top of channel can usually bring repeated gains through out the descending channel. This channel, if it rides all the way out we could see $145 ETH by May of which would represent a bottom and great entry point.
There is still a decent chance these guys pop back up and continue their previous channel, we might even be in a ascending wedge pattern now and near breakout, up or down but otherwise the signals dont seem in out favor. If we have a hard pullback, look for any touch of the long term ascending trend line as a great buy opportunity but watch closely for a chance it could break the bull trendline while its so close.
This isn't investment advise, its a capture of my recent TA and assessments, you should always do your own research.
Also check out vcdepth.io for crypto historical market depth / level 2 data, for free.
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