Follow up to my earlier ETH price analysis
Continuing from my previous post tl;dr: Things are starting to look positive, however we needed to wait for further confirmations prior to breaking out the Lambo memes again.
Here's what the chart looks like today:
What we're seeing here is something of a mixed bag of signals:
- A bearish TX cross in the cloud
- Breaking and dropping of the flat kumo edge
- Drop in volume
Nonetheless the trend on the 4H has been very bullish, with a series of higher highs/higher lows on rising volume. You can throw all the indicators in the world at a chart, but nothing tells the story like raw price action:
The recent rally indicates that buyers are firmly in control, however, I expect a significant amount of profit taking to kick in after such a long period of sideways action. This should provide an opportunity to enter the market in the $136-137 liquidity zone, however we cannot discount the possibility that the price is FOMO'ed through the $150 and $160 levels.