BTC bull run continues. What does that mean to ETH?I am back! Huge thanks to everyone messaging me and supporting my posts. That means a lot.
For those who are new to my posts - I post ETH technical analysis and provide my market perspective for context. It all started as fun conversations among friends and they started to make good money on top of it. They encouraged me to make posts about it and here we are. Within a month I was upvoted to top author and one of my posts was selected as Editor's Pic. That is all thanks to you - my dear readers.
Back to business
A lot of people are messaging me with questions: Is this the top? When will it be a good time to buyback?
Let's look at the data. BTC is running the game here. Some well-respected analysts forecasted that BTC will never reach 40k - it did. Some forecasted it will be over 100k before 2021 - it didn`t. Even some institutional investors present analysts reports with wild numbers like "bitcoin price is between $0 and 600K". What does all of that mean? Although I am a data person - all of these TA's and analytics just spell the obvious - no one knows. It is all speculation.
Why BTC is so high? Simple - the hype is real . A large portion of the world is in COVID-19 lockdown. Socks, commodities and cryptos are going up even when businesses are shut or even on the verge of bankruptcy. So if the value of zombie companies with little to no profit is going up - everything is going up as long as people are willing to pour money into it. In my personal opinion key words here are demand and liquidity . It is easier than ever before to get into the crypto trading and this market never sleep. Here is your recipe: a lot of hype + strong news coverage + billions of people just sitting at home having nothing to do - BTC to the moon! 🚀
Does that mean ETH gets a ticket to the moon too?
In short yes. There is so much data I could talk about here, but TA's here again render useless. Reality is that BTC is pushing everything up. Market is over-hyped. Market is super-liquid. It can theoretically keep going up for a while now. It also means that there is nothing that would prevent it from dropping significantly tomorrow. Just remember December 17, 2017. BTC hit a mind-blowing $19k ATH! Everyone was overhyped and forecasting BTC to keep going up to 100k and in 5 days it lost 50% of its value. Demand and liquidity .
Today's technicals:
My dear followers with early access know that the morning position was long. We were expecting a spike to ~1920 and it skiped to 1928, from that point it changed.
Position is short.
Forecasted hights at 1920 and 1950
Mid-way point at 1800
Forecasted lows at 1800 and unlikely to hit 1740
Have fun trading! 🤑
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