In our view, last night's drop in Ethereum (ETH) made the bullish technical outlook stronger. ETHUSD bounced nicely off the 200-day moving average.
Also, after seeing the price action last night, we revised our wave count. We now believe the critical "previous 4th" is at 205. If ETHUSD can hold above 205, then a significant bottom is in fact in place.
Honestly, the only thing that may hold Ethereum back is tax-loss selling in alts.
Bottom Line: We hope Ethereum and other big coins can detach itself from the smaller alt-universe. If that is the case, Ethereum has a chance to lead "Big Coin Season." For us, the idea of Big Coin season means sharp rallies in BTC, ETH, LTC, and BCH.
Also, after seeing the price action last night, we revised our wave count. We now believe the critical "previous 4th" is at 205. If ETHUSD can hold above 205, then a significant bottom is in fact in place.
Honestly, the only thing that may hold Ethereum back is tax-loss selling in alts.
Bottom Line: We hope Ethereum and other big coins can detach itself from the smaller alt-universe. If that is the case, Ethereum has a chance to lead "Big Coin Season." For us, the idea of Big Coin season means sharp rallies in BTC, ETH, LTC, and BCH.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.