It will be a short one today. The market is still in a consolidation phase, and there are no new developments.
There was a glimmer of hope when we traded above the baseline and pushed into the cloud. But it didn’t last long…
Price action and the flattening of the term future structure are not producing any bullish vibes, and my potential target of $29k is likely.
It will be interesting to see how the market reacts when we do reach $29k. I will decide short term if I hop on a long trade or play the break down with some short-term futures (preferably Dec21 contracts).
Copy/past what I just said above. However, we are a little further away from the make or break level, which in my view is around $1,950 (similar to that of the BTC$ lvl of $29k).
If you were to put a gun to my head and force me to go long, the asset (of the above) that I would choose is ETH. Here is why:
I have confidence in a completed irregular ABC correction. And this should send us to a new local ATH. I intend to keep a close eye on the baseline and the cloud. I am happy to load up on some more long positions when we dip lower, below the baseline, but I do not want to see the price penetrating the cloud.