Just a quick long trade idea. Haven't done one of these in a while. Bitcoin dominance is looking a bit overheated, while Ethereum seems into be in a re-accumulation pattern. We can observe higher highs and higher lows on the daily chart as Bitcoin has rallied above 13k. As long as the market holds here, I am targeting the $600-700 range for Ethereum, not seen for quite some time. This is also based on my idea that the 100 day Moving-Average should generally hold during a bull market. If it fails, I may be need to re-assess my bullish view.
Entry: $380-390
Bullish targets/Take profit areas:
$550
$694
Stop Loss: $360
I flip bearish if this structure fails to hold. In that case, I may post a short idea. Ethereum has a lot of room for downside here, so this is not a large position.
Bearish targets:
$373 (100d MA)
$360
$330
$295 (200d MA)
$215
This is not financial advice! Just curious to see how this plays out. This is for speculative, entertainment, and educational purposes only.
-Victor Cobra