EthereumShort
The Squeeze
Updated
Ethereum has been range bound once again and that has caught us by no surprise as PA tightens and volume continues to dwindle it is hard to say we last like this much longer. With the DOW Jones plunging more than 800 points this mark as the 3rd deepest dive in history. It is hard to put faith on the idea that investors and retailers alike will now run to the most volatile and one of the most unregulated markets in history. We must always keep an open mind bout that idea but it hard to jump on that band wagon. CNBC tweeted bearishly today and they have been a crowd favorite counter-indicator so this will be a very interesting development coming in the next 24-48hrs.
Diving into the H2 chart I wanted to take note of very obvious levels I think we need to pay attention to as they will provide direction of PA once crossed and closed upon. To me it looks as if we are in some sort of triangle as RSI matches too passing checks. All that is missing is a break down for confirmation. As PA continues to draw less and less of a reaction from support I am in favor of more downward action over the next few days. the H10 pivot is found in the blue dotted line and a close of an H10+ candle would pose as some inclination of direction in general. To me there is very obvious valid and invalidation levels as Elliot Wave gives us rules to follow.
To me we are ranging in one large triangle and we are yet to see the end. In the short term I am bearish but med term I can see one more attempt at the upper trend line before an ultimate crash to new lows for the year. With the stock markets on the brink of destruction one is to speculate if the crash is to happen does crypto become the new safety net. I am one to bet against that as investors will not flock to something so unregulated and volatile. I will be happy to be wrong here as FA continues to grow bullishly it is hard to want to bet against that.
“History provides a crucial insight regarding market crises: they are inevitable, painful and ultimately surmountable.”
Shelby M.C. Davis
What the bulls have is this simple set up.
tradingview.com/x/mkGpSqcl/https://www.tradingview.com/x/5cXW70nf/
Diving into the H2 chart I wanted to take note of very obvious levels I think we need to pay attention to as they will provide direction of PA once crossed and closed upon. To me it looks as if we are in some sort of triangle as RSI matches too passing checks. All that is missing is a break down for confirmation. As PA continues to draw less and less of a reaction from support I am in favor of more downward action over the next few days. the H10 pivot is found in the blue dotted line and a close of an H10+ candle would pose as some inclination of direction in general. To me there is very obvious valid and invalidation levels as Elliot Wave gives us rules to follow.
To me we are ranging in one large triangle and we are yet to see the end. In the short term I am bearish but med term I can see one more attempt at the upper trend line before an ultimate crash to new lows for the year. With the stock markets on the brink of destruction one is to speculate if the crash is to happen does crypto become the new safety net. I am one to bet against that as investors will not flock to something so unregulated and volatile. I will be happy to be wrong here as FA continues to grow bullishly it is hard to want to bet against that.
“History provides a crucial insight regarding market crises: they are inevitable, painful and ultimately surmountable.”
Shelby M.C. Davis
What the bulls have is this simple set up.
tradingview.com/x/mkGpSqcl/https://www.tradingview.com/x/5cXW70nf/
Order cancelled
TRIANGLE INVALIDATED WE broke up above 202. invalidated the smaller triangle
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