Ethereum range is getting tired.
Ethereum is Bitcoin have been ranging very heavily for the last few days. This very surprising as most US stock and Idicies have been falling. This ranging would bee seen as a bit of strength in crypto since the correlation is fairly minimal. This range could be seen as stability.
In my last idea, the concept took some time to flesh out. Indeed, we were met with 2 bear traps and then a bull trap which finally had ETH come to downside. (Not gonna lie, I was getting pissed). It still has not come down to the initial price that I thought it would ($1000) but the last few days have made me think this could be it. I've taken a 75% of profit for now. So I'm happy with this trade.
$1000 is a serious psych level. You can see price hitting that price and then soaring to $2000. And now the market has no idea what to do, hence all of this bullshit chop. However, the OB has been tested around 6 times, and each time it gets tested, that level weakens. It seems to me that bulls are getting tired. So if price does break through this OB, the $1000 is the next area.
One caveat - with price moving in between that 50 and 200, that area is prime for consolidation/retracement. So, it could be moving sideways for a while.
In my last idea, the concept took some time to flesh out. Indeed, we were met with 2 bear traps and then a bull trap which finally had ETH come to downside. (Not gonna lie, I was getting pissed). It still has not come down to the initial price that I thought it would ($1000) but the last few days have made me think this could be it. I've taken a 75% of profit for now. So I'm happy with this trade.
$1000 is a serious psych level. You can see price hitting that price and then soaring to $2000. And now the market has no idea what to do, hence all of this bullshit chop. However, the OB has been tested around 6 times, and each time it gets tested, that level weakens. It seems to me that bulls are getting tired. So if price does break through this OB, the $1000 is the next area.
One caveat - with price moving in between that 50 and 200, that area is prime for consolidation/retracement. So, it could be moving sideways for a while.
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