ETHUSD had a multi-day & multi-week break-out of the downtrend line (shown in blue). Along with this major technical break-out, and the news of 35 organizations being added to the Enterprise Ethereum Alliance, as I pointed out in my flash news yesterday here
Since ETH/USD ran from 177.50 to a high of 258 (45.4%), I expect today to be a digestion day, most likely trending lower to test S1 around 190-210. If it can hold the 200 area, I think we will see more upside very soon. Nonetheless, a break below 200 will test S2 area around 160-180. Even still, the trend reversal has happened, but it needs to hold 160 at the lowest, which I do not think it would happen today.
Bitcoin USD Chart is balancing around 2320 area, as mentioned in my post yesterday here. I have since revised the chart for new levels, S1: 2200-2250 seems to be a good place for a buy with a chance to break multi-day trendline (red line). If and when this happens, expect a burst like we saw with ETH yesterday. I have been trying to ride the next BTC for the past 2 weeks or so, unfortunately I missed the sell-off low on Sunday since I was travelling. The next best opportunity will be either after the break, or picking up some at the next support line.
As always, plan your trade before entering a position. Let me know if you have any thoughts or comments, or if you would like me to look at any other charts. I will be happy to help, as I use my own charts for my trading decisions. Until my next post -cheers.
BTC Update, bouncing nicely from S1
Would you suggest to sell Ethereum if it hit 250 in short term?
256 is the most recent swing high, not quite 50% fib retracement, though logical to see some sellers. Depending where you bought, you can consider selling partial at 250 (1/4 of your holdings for example) and keep the rest for a possible move higher. At 61.8% retracement, we are looking at 300 area, which is a nice round number and potentially even more sellers. ETH seems to be recuperating, but if you see a sharp sell-off at 250 and close below 200 on the daily, that means it is lose steam and may retest 160 area again. Have a game plan and good luck!
