$ETH The daily MA is about to break down. Where is the bulls’ strength?
I’ll say it again: if they were going to push it up, they would’ve done it already. During the bull market last year, there were barely any daily pullbacks of more than 5%—they wouldn’t have kept you waiting.
Now both the 4-hour and daily charts have broken down. The market makers clearly want to drag the move out to a higher time frame. They might make one quick, “touch-and-go” move to liquidate the shorts, but this really isn’t a good spot to go long. Better to wait a little longer. If it breaks down for real, chasing the short could be the better choice.
Especially since U.S. stocks are already at new highs. If they pull back in tandem with rate-hike expectations, crypto could go through another shakeout like the one in June.
$BTC #ETH #Cryptocurrency
I’ll say it again: if they were going to push it up, they would’ve done it already. During the bull market last year, there were barely any daily pullbacks of more than 5%—they wouldn’t have kept you waiting.
Now both the 4-hour and daily charts have broken down. The market makers clearly want to drag the move out to a higher time frame. They might make one quick, “touch-and-go” move to liquidate the shorts, but this really isn’t a good spot to go long. Better to wait a little longer. If it breaks down for real, chasing the short could be the better choice.
Especially since U.S. stocks are already at new highs. If they pull back in tandem with rate-hike expectations, crypto could go through another shakeout like the one in June.
$BTC #ETH #Cryptocurrency