Two great entry spots: 1.490-500e [short term] 2.440-460e [less likely to go here, 1-2 weeks from now if we do].
Why bullish?
Finished a huge correction from the January high to the April low.
Since the April low, we have seen Wave A bull run [Higher Highs and Higher Lows] then Wave B complex pullback [Lower Highers and Lower Lows May 5th - May 28th]
Distribution from this retracement finished on the lows of 430e[coincidentally the 61.8% Fib retracement]
We have started to print Higher Highs & Higher lows once again
MACD just crossed up
Risks?
Volume is below Moving Average
20,50,100,200 EMA all acting as resistance currently
Resistance is currently 540e
We need a daily candle close above 530 to take out 20,50,200 EMA and turn them into support
Forecast? 1.Expecting one more retest of the 50% retracement [490e] 2.Saving some fiat in case we re-visit 61.8% retracement [445e] 3. Target 650e+ by end of June 4. Sell half of position at 600e
This is not financial advice. Just personal opinion.
Comentário
The SEC news was great. "ETH is not a security". According to twitter this was apparently obvious. I honestly had no idea either way.
ETH has now pumped back into our lower buy box - kudos if you managed to pick up the even cheaper ETH on the drop to 385euro ! I didn't! My final orders were set at 371 :(
I think we may see a continued short term down trend though I will take a deeper look at the chart over the weekend, I have cancelled my buy orders as I believe ETH/$ may be listed on Bitmex soon now it's not a security - which means just about anything can happen short term; ultimately the safest play is to set some buy orders on Gdax around that swing low of 385euros & offset with a short hedge on bitmex vs BTC.
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