We are soon coming out of a period of balance and there will be volatility in some direction, most likely upwards in my opinion. I say upwards not only because of lack of acceptance into value area (which I defined as from the beginning of this major rally until now) and continuation of current trend, but also because bitcoin is having trouble closing above $1,200 as seen here:
Currently bitcoin and ether are inversely correlated.
I've actually already jumped the gun and bought ETH between $42 and $45 but I'm prepared to sell if price trades under trend line, closes a 1hr bar under $41, a 1d bar under $42, or if bitcoin closes a 1hr bar above $1,200.
Currently bitcoin and ether are inversely correlated.
I've actually already jumped the gun and bought ETH between $42 and $45 but I'm prepared to sell if price trades under trend line, closes a 1hr bar under $41, a 1d bar under $42, or if bitcoin closes a 1hr bar above $1,200.
Comment:
Just had a 1d bar close at $46.5 leaving a decent topping tail over $47. If the price breaks $47 again and closes a 1hr bar over $48 I believe ETH will make a new ATH.
Trade active:
1hr bar just closed at $48.4. New ATH in the coming days. Target is around $60
Trade closed: target reached:
$60 reached
I'm still watching the $42 and $47 price levels for confirmation on what my next move will be and I still think new highs are likely. ETH could remain in balance for up to another three days but could break out at any time. Until then I'll continue to hold the coins I bought in this balance range.