Big Pie (BTC) hits 79,600 and Ethereum (ETH) hits 2,615—after a few hours, the gains were entirely given back. In times like this, the fact that it drops more isn’t really a reason to keep buying.
Yesterday, BTC pushed higher after breaking 78,068, but today it has dropped two consecutive 4-hour candles and returned to around 77,500. The original rising support line has also been lost. I’ll first see whether 77,380—77,480 can hold, but if I want to open a long again, I need to wait for a 4-hour close back above 78,131 and a pullback that doesn’t break—can’t rely on just a single long lower wick.
That ETH candle around the 2,615 breakout ultimately closed near 2,516. Anyone who chased in there is likely feeling pretty awful. Now it’s fallen back below the 2,517 level from yesterday that I was watching. For now I won’t catch it; I’ll first see whether 2,462—2,471 can stop the drop. After it reclaims 2,517, the next level I’m watching above is 2,550.
Today, I’d rather make less profit in the first leg and wait until price takes back the key levels. If the lows are still moving lower, don’t rush to declare the bottom. $BTC $ETH
Yesterday, BTC pushed higher after breaking 78,068, but today it has dropped two consecutive 4-hour candles and returned to around 77,500. The original rising support line has also been lost. I’ll first see whether 77,380—77,480 can hold, but if I want to open a long again, I need to wait for a 4-hour close back above 78,131 and a pullback that doesn’t break—can’t rely on just a single long lower wick.
That ETH candle around the 2,615 breakout ultimately closed near 2,516. Anyone who chased in there is likely feeling pretty awful. Now it’s fallen back below the 2,517 level from yesterday that I was watching. For now I won’t catch it; I’ll first see whether 2,462—2,471 can stop the drop. After it reclaims 2,517, the next level I’m watching above is 2,550.
Today, I’d rather make less profit in the first leg and wait until price takes back the key levels. If the lows are still moving lower, don’t rush to declare the bottom. $BTC $ETH
