continuing to look at margin buying pressure to project resistance zones. looks like we may see some resistance around $4700 and again at $5200.
if $5200 intersects with the 1.618 extension of the channel, i'm thinking that's where it may retrace a bit and consolidate.
if $5200 intersects with the 1.618 extension of the channel, i'm thinking that's where it may retrace a bit and consolidate.
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i think the latest local low ($3500) is further validation of the $5200 target. if 3x margin traders are using it as support, they're not buying above $5200.
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understandably a lot of resistance at the long term trendline. still looking good to me. if price finds support around that $4k level now i think it will be ready to go.
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gotta love this fickle market. in a descending channel now. all eyes on BTC to see if it can hold the $42k support. if it holds, i'm guessing ETH will bounce back too. if not, i'll be watching for ETH to bounce off the $2.9k-$3k zone.
