ETH - The Soy Boy debacle
Last few days have been crazy. Too much time spent on twitter and not enough time making trading plans. So here on the daily, we have ETH making a new low. This is a continuation of a daily downtrend that has been going on since September. In times like these, you have to be aware of the news. This is not my strong suit in trading, so I have no edge here. Just knowing that helps me keep my capital close. You can't play if you don't have any chips left.
The market is extremely volatile and a couple things went right for the market today. One of them being inflation data coming in lower than expected and the other being some progress on the FTX situation. It's far from solved, but some news was good for the bulls.
Now just looking at the chart, there are some levels of resistance I am keeping my eye on. The first is 1350 and the second is 1550. The 1550 is the ultimate pain zone for bulls. If we get a fake out up here, people would just freeze.
The 1350 level is somewhere I don't have a lot of confidence in, but there is a lot of resistance.
The thing that really creates a bottom is time and space. One event like this doesn't make the bottom. There are facts though.
1. We are still in a bearish daily trend.
2. BTC has made new lows and ETH hasn't.
Something to consider as ETH has more beta, realistically it should make new lows this cycle if BTC does.
Not shorting anything here, but my plan is to wait and watch. Look for a lower volatility period and start finding some zones to purchase.
The market is extremely volatile and a couple things went right for the market today. One of them being inflation data coming in lower than expected and the other being some progress on the FTX situation. It's far from solved, but some news was good for the bulls.
Now just looking at the chart, there are some levels of resistance I am keeping my eye on. The first is 1350 and the second is 1550. The 1550 is the ultimate pain zone for bulls. If we get a fake out up here, people would just freeze.
The 1350 level is somewhere I don't have a lot of confidence in, but there is a lot of resistance.
The thing that really creates a bottom is time and space. One event like this doesn't make the bottom. There are facts though.
1. We are still in a bearish daily trend.
2. BTC has made new lows and ETH hasn't.
Something to consider as ETH has more beta, realistically it should make new lows this cycle if BTC does.
Not shorting anything here, but my plan is to wait and watch. Look for a lower volatility period and start finding some zones to purchase.
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