🦋 Finally some strength on Ethereum! If we close the above $4250 resistance on high TFs (at least 12H), the new highs are on the way!
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🦋 ETH UPDATE My mood on Ethereum is bullish, I hold a LONG position, still not a big one, ready to average if we dive lower to $4100. As long as $ETH is staying above the $4000 - $4100 support, the up-trend remains valid. Ethereum is strong and even in case of Bitcoin dump, I don't think it will lose key support levels.
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📍TOTAL 3 UPDATE (Market Cap Excluding BTC & ETH) Altcoins also want some correction, not big though. There was formed a Head & Shoulders pattern, currently chart broke through the neckline. There is an ultimate support of $1T that must help Altcoins staying strong. You can place bids on your favorite altcoins 3% - 5% lower current price just in case of shadow below.
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🐝 BTC & MARKET UPDATE The massive correction happened. Why? Because of the PPI data rose to 3.3% — higher than expected. Typically, this news would not trigger such a massive sell-off. However, people had grown accustomed to the bullish market and opened a ton of LONG positions with high leverage. As the result, a massive cascade of liquidations occured and drove the dump crazy. I was expecting a correction to happen much earlier, it saved my ass. ❗️TALKING ABOUT FURTHER POSSIBILITIES: The next few days will determine the future of this bull cycle (at least for the next 1-2 months). Bitcoin is now back inside the $116,500 - $119,500 consolidation range. If we see some strong positive movements on Altcoins & Bitcoin this week, it will show that the real demand (whales & funds) are interested in pushing the price higher. However, if Altcoins & Bitcoin are weak, then most likely the TOP of this cycle was marked at $124,000.
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$ETH is moving according to a plan. If you are holding — consider taking profits in the $4400 - $4500 zone.
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🐝 BTC UPDATE The Post-FOMC dump has finally arrived, the price is currently testing the support of the descending channel. Most likely we will see a fake breakdown of this channel and quick retrace backwards. I hope so. Otherwise, we should watch for the $111,000 support since this is the level that separates us from the further dump and overall trend change. I'd LONG only in case of strong bullish reaction on one of these levels, for now staying with no position.
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