Ethereum's Price Analysis and Correlation with Bitcoin
Updated
Early this morning, a significant long position was closed from the bottom, yielding a profit of 28% at 5x leverage. As the weekend quickly approaches its conclusion, all eyes turn to the performance of Bitcoin (BTC) for subsequent evaluation and decision-making.
In the midst of fluctuating market conditions, traders may find some degree of solace in monitoring the equilibrium level (EQ) within a specified range. Despite the range not offering a particularly clear picture, it still retains a degree of relevance that can't be entirely dismissed.
As we delve into BTC data analysis, a somewhat puzzling trend emerges. Recently, Ethereum (ETH) appears to be moving in the opposite direction compared to Bitcoin. A trend that was first noted a few weeks ago when examining Bitfinex position data, where it started to show a contrasting trend. As of now, the data seems to be leaning more towards the bulls. (Data in updated ideas)
As far as Ethereum is concerned, the situation remains somewhat unclear. However, drawing from past experience, Bitcoin, often referred to as the 'Big Brother' of cryptocurrencies, usually sets the precedent. Hence, its price movement may offer some valuable insights into what might come next for Ethereum.
Let's wait and see how the situation unfolds, keeping a close eye on both the market leaders Bitcoin and Ethereum, as their movements could present us with the next big trading opportunity.
In the midst of fluctuating market conditions, traders may find some degree of solace in monitoring the equilibrium level (EQ) within a specified range. Despite the range not offering a particularly clear picture, it still retains a degree of relevance that can't be entirely dismissed.
As we delve into BTC data analysis, a somewhat puzzling trend emerges. Recently, Ethereum (ETH) appears to be moving in the opposite direction compared to Bitcoin. A trend that was first noted a few weeks ago when examining Bitfinex position data, where it started to show a contrasting trend. As of now, the data seems to be leaning more towards the bulls. (Data in updated ideas)
As far as Ethereum is concerned, the situation remains somewhat unclear. However, drawing from past experience, Bitcoin, often referred to as the 'Big Brother' of cryptocurrencies, usually sets the precedent. Hence, its price movement may offer some valuable insights into what might come next for Ethereum.
Let's wait and see how the situation unfolds, keeping a close eye on both the market leaders Bitcoin and Ethereum, as their movements could present us with the next big trading opportunity.
Note
Idea #107Note
Data analysistwitter.com/p3nchan/status/1672965984804810752/photo/1
Note
I closed my position a few hours ago upon observing a break in the market structure. I plan to patiently wait for the US market to open or until the commencement of Tuesday's trading activities.
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