Another comparison of current to prior price action

Apr 20, 2021

It seems right now we are evenly divided between bulls and bears. I'm watching Ethereum put on a few % and meanwhile Grayscale ETH languishes, along with the rest of the market - what are investors assuming in the short term? Bearish price action.

Comparing the last 4 drops in each we had, we started with a swift drop, next followed by a short term recovery but inability to hold support, followed by a lower decline to a prior area of support. This final drop down was then followed by a strong move up, a consolidation and then another strong move up. This could then be our leg up into the 70k range in the next six weeks. I'm just comparing prior price action and not using any fancy calculations - so take this with a grain of salt. However, this does seem to explain why there is such tepid response in the derivatives (and why if the rumors are correct, the initial drop was fueled by derivative selling).

For me, it is prudent to pull off some of my gains here. I am already preparing to lean in with additional position.

Not financial advice. Do your own research. I enjoy seeing what others come up with. Trade safely!

Apr 20, 2021

Note

Zooming in a bit.

In prior events where there was a sharp pullback, we were not immediately met with another sharp pullback. Rather, a slight dip and then push up, then followed by another pullback of lesser strength (but starting at a lower pivot point).



From what I have heard, over the next week we will see some covering of positions and this may be the fuel that drops us down lower. Whether that plays out is TBD. As with Doge, if you missed the top, might as well go long. :-)