ETH hot our taget buy zone
As per previous call We have hit our consolidation target. My order didnt feel by a few dollars, so i bought a smaller position when we broke out of 2 minute falling wedge. I will take profit at ~1650 just to be safe.
Now the reason for the bounce here:
- RS zone 1550-1600 hit
- W 8 EMA being retested for the first time
- 0382 D Fibs from june lows
- Oversold on all timeframes up to 6HR first time since june-july lows
Can we bounce to 1725 RS zone?
I am expecting at least a relief rally, which is happening right now. But for a longer/swing term picture we need to see what next week brings for the BTC and for the wider stock market.
So far the market is acting completely normal and was due a consolidation due to a massive run in the last 30 days or so.
We have a few support zones for SP500 a bit lower down at ~4100 and ~3900 zones and we need to get a feel how the market behaves there. We need to be thinking bullish right now and look where to buy. Only if we start smashing the support levels like they are nothing, with increasing bear volume, and head back to the lows quick then we need to worry and start thinking about new lows. until then we have bull goggles on and look for nice dips.
If we head lower in the next few hours I will be adding more to my position/scaling in for a bounce
keep in mind this is the weekend so there will be way less volume and could be more fakeouts as per usual weekend action
GL and control you emotions
Now the reason for the bounce here:
- RS zone 1550-1600 hit
- W 8 EMA being retested for the first time
- 0382 D Fibs from june lows
- Oversold on all timeframes up to 6HR first time since june-july lows
Can we bounce to 1725 RS zone?
I am expecting at least a relief rally, which is happening right now. But for a longer/swing term picture we need to see what next week brings for the BTC and for the wider stock market.
So far the market is acting completely normal and was due a consolidation due to a massive run in the last 30 days or so.
We have a few support zones for SP500 a bit lower down at ~4100 and ~3900 zones and we need to get a feel how the market behaves there. We need to be thinking bullish right now and look where to buy. Only if we start smashing the support levels like they are nothing, with increasing bear volume, and head back to the lows quick then we need to worry and start thinking about new lows. until then we have bull goggles on and look for nice dips.
If we head lower in the next few hours I will be adding more to my position/scaling in for a bounce
keep in mind this is the weekend so there will be way less volume and could be more fakeouts as per usual weekend action
GL and control you emotions
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