Market is consolidating. Will ETH go up or down?
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A quick overview of the market
- Half of the week, the 22-24 of March, continued with way prolonged H&S pattern and had a sharp drop on Wednesday the 24th🔻
- BTC again dominated the headlines as hypesters kept hyping BTC and the news of expiring BTC futures came crashing in with analysts and institutional investors predicting sharp price declines for the rest of the week.
- BTC futures doomsday never came to be and on Friday the price kept ticking up slowly and steadily instead of the massive volatility and price drop that the majority of traders were expecting 🙈🙊🙉
What happened? No one knows... BTC futures crisis did not come to be. Contracts were settled on Friday without any major fluctuations in the market. Was there a reason for that? Maybe it was just a case of hypesters trying to pull a quick one on the majority of the market? If any of you have any good insights of articles to share why BTC did not drop 20-30% last week - please share in the comments below!
Regardless, the weekend price movement raises doubts. On Friday, almost guaranteed market decline takes a U-turn with periodic high volume ticks rising price and many eyebrows. Maybe it was just whales and/or institutional investors reopening closed positions? We all know that the crypto market is not regulated, however, situations, where a few reap a massive profit at the cost of all the rest, reopens discussions of market manipulation.
What's next? Many traders taking more and more time off. Looking at the weekend data it seems that it was a good test for what direction the market is going. ETH price remained more or less stable within about 1.5% fluctuation up or down. Where daily traders work very hard to make a decent profit every day, 1% profit or loss is just not worth the hard work. Given that last week price was dropping, it should have given a chance for the price to pick up during the weekend. The fact that it did not, just shows that there may not be that much demand at this price level. It is likely that today will be price exploration, the price will rise a little then likely to drop towards the mid-way point. Market is consolidating.
Today's technicals:
Position is Long (at least until it reaches forecasted high and then short at least until it bounces back to mid-way point)
Forecasted hights at ETH $1760, $1800
Mid-way point at $1650 (that's right! ETH is overpriced this whole weekend!)
Forecasted lows at $1660, $1650 and less likely $1600
Have fun trading! 🤑
If you would like to get an early access invite to DataMoney ETH technical analysis - write "I made money today" or "I did not make money today" in the comments down below 💸😉
A quick overview of the market
- Half of the week, the 22-24 of March, continued with way prolonged H&S pattern and had a sharp drop on Wednesday the 24th🔻
- BTC again dominated the headlines as hypesters kept hyping BTC and the news of expiring BTC futures came crashing in with analysts and institutional investors predicting sharp price declines for the rest of the week.
- BTC futures doomsday never came to be and on Friday the price kept ticking up slowly and steadily instead of the massive volatility and price drop that the majority of traders were expecting 🙈🙊🙉
What happened? No one knows... BTC futures crisis did not come to be. Contracts were settled on Friday without any major fluctuations in the market. Was there a reason for that? Maybe it was just a case of hypesters trying to pull a quick one on the majority of the market? If any of you have any good insights of articles to share why BTC did not drop 20-30% last week - please share in the comments below!
Regardless, the weekend price movement raises doubts. On Friday, almost guaranteed market decline takes a U-turn with periodic high volume ticks rising price and many eyebrows. Maybe it was just whales and/or institutional investors reopening closed positions? We all know that the crypto market is not regulated, however, situations, where a few reap a massive profit at the cost of all the rest, reopens discussions of market manipulation.
What's next? Many traders taking more and more time off. Looking at the weekend data it seems that it was a good test for what direction the market is going. ETH price remained more or less stable within about 1.5% fluctuation up or down. Where daily traders work very hard to make a decent profit every day, 1% profit or loss is just not worth the hard work. Given that last week price was dropping, it should have given a chance for the price to pick up during the weekend. The fact that it did not, just shows that there may not be that much demand at this price level. It is likely that today will be price exploration, the price will rise a little then likely to drop towards the mid-way point. Market is consolidating.
Today's technicals:
Position is Long (at least until it reaches forecasted high and then short at least until it bounces back to mid-way point)
Forecasted hights at ETH $1760, $1800
Mid-way point at $1650 (that's right! ETH is overpriced this whole weekend!)
Forecasted lows at $1660, $1650 and less likely $1600
Have fun trading! 🤑
If you would like to get an early access invite to DataMoney ETH technical analysis - write "I made money today" or "I did not make money today" in the comments down below 💸😉
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