Ethereum - Long or Short?
The Volume doesn't look like there was any real large scale panic selling and it doesn't seem to have large scale buying to indicate any consolidation.
Most people are buying into the Eth Merge thinking this will be a price catalyst, but on the other hand it is probably a buy they hype, sell the news situation. Volume seems to confirm that fact. The Bollinger Bands also are a historically good indicator of when a bottom was reached. I believe there is going to be some more consolidation and a larger drop closer to the bottom BB around $550-$850 area.
Short anything in the $2250-2500 range and aim for lower lows for a TP. Stop Loss at $2750/$2850 for invalidation of a strong trend reversal and an earlier than expected recovery.
Long anything in the $550-850 range and pray to a higher power we get another cycle/bull run and aim for higher highs for a TP. Stop Loss at $300/200 in case everything bubble pops and the global backdrop deteriorates to a point of no return.
Most people are buying into the Eth Merge thinking this will be a price catalyst, but on the other hand it is probably a buy they hype, sell the news situation. Volume seems to confirm that fact. The Bollinger Bands also are a historically good indicator of when a bottom was reached. I believe there is going to be some more consolidation and a larger drop closer to the bottom BB around $550-$850 area.
Short anything in the $2250-2500 range and aim for lower lows for a TP. Stop Loss at $2750/$2850 for invalidation of a strong trend reversal and an earlier than expected recovery.
Long anything in the $550-850 range and pray to a higher power we get another cycle/bull run and aim for higher highs for a TP. Stop Loss at $300/200 in case everything bubble pops and the global backdrop deteriorates to a point of no return.
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