The bulls are looking tired with funding and term future premium still stretched. But they keep coming back to defend the 9k support level.
The longer this situation persists, the more uncomfortable I’m getting in terms of holding any long positions in BTC. My stop level to turn net short is just below 9k.
Confidence returned and we almost hit $200. The market stopped just below $196 and is now in consolidation mode.
I have similar thoughts and issues with ETH$ as with BTC$. It’s the same set-up on the funding side and the term premium of the futures.
The only issue here is that my invalidation level for long positions is way lower at $170.
So far so good. The moved-up take profit level at $340 did not get triggered and the market grinded higher, and consolidated at around $380.
This gives me the opportunity to move my take profit level even higher to around $355.
If we break above $400, there will be some fireworks and I expect the coin to move another 10-15% higher pretty quickly.
None of the levels I posted last week were triggered. The price is just following the pattern of lower highs, but also one higher low was printed.
We are seeing text book consolidation, but it is not clear which way this coin will go. Watch the top trendline (black) and the support line at $245 (red).
The market is consolidating, but not looking too convincing to push another leg higher.
The next target to the upside is quite a ways away at around 850 satoshis.
Prices even pushed through the high volume range of $0.20-0.30, and we are just now consolidating above the upper band of the range.
This consolidation is needed to gain some fresh momentum to the upside and attack the next liquidity pool, which is at around $0.50.
Preceding the price move there was the launch of The Open Application Network (OAN) in November 2019. But the price actually took off in December with a massive surge in traded volume on Binance, which resulted in a performance of roughly 200% over three weeks.
I would like to see the coin holding above the $0.10 line. At the same time, I’m looking to add some longs when the price starts to consolidate between $0.10-0.14.
We just managed to push through a pretty important s/r line at $0.45. Let us see if we are able to consolidate around this level to be ready to attack the $1 mark.Weiterlesen