HTF Market Analysis
Welcome back to another technical breakdown, in this breakdown I just wanted to cover some HTF analysis for both ETH and BTC and just have a little chat about where we could be going over the coming few weeks and months, as I think this could be important.
When you look at Bitcoin on the weekly things do not seem too bad, you can see that on the previous candle we saw some type of reversal structure and now on the current candle we can see this small move back to the upside. I think ETH and other alts could be struggling right now as dominance starts to rise and ETH starts to look a little bit toppy. Its hard to judge currently what the market is going to do but to be honest I think we could see price test $11,100 resistance, get rejected and then start to see a further push to the downside. Of course I could be wrong and the more bullish case would be for $11,100 to be flipped into support and then that would make a new higher low for price action to continue this bullish momentum and continue to move higher as the year progresses.
My personal position in BTC right now is pretty much non existent, It probably takes up less than 15% of my portfolio as I mainly focus on ETH, USDT and another gem project that we have been talking about a lot in the HedgedInterest telegram (GTH). I am perfectly fine at the moment not holding a leverage position in BTC and just waiting to see what happens, I think buying when price is higher and more confident would be the wiser option because nobody wants to give back profits to the market right now and thinks seems a little volatile.
Its very important right now to remember where price action was just 6 months ago, at the start of this year we saw a huge selloff in terms of price action and price has have had an incredible run since then which as pretty much put us in an amazing position currently. It can get emotional and hard to see the bigger picture when you wake up and see red across the board but just remember we are just at the start of the new HTF bull run and the next two years will be greatly rewarding for those who hold strong and stack stats.
As you can see from the chart above, it is a little messier when it comes to looking at the position of current PA for HTF ETH/USD, yes we are currently still above key resistance which is $350 but there is this region we are currently sitting in, that has been major resistance for the past few years and it does not seems as though PA is healthy above it just yet. Considering BTC is currently moving and ETH is not, we could see a late catch-up for ETH that could take price back above $400 over the coming few days...
My personal opinions right now is to play defense and wait until ETH breaks above at least $400 to the upside before entering a fresh long position, if PA was to pullback then $350 would be the first place I would ladder in the spot long positions and then $310 would be my next entry level after that. I think there could be a possibility that we see sub $300 but honestly its such a strong support level I would expect buyers to step in pretty fast and defend price action. I would say im heavily positioned in USDC right now as we wait to see what is going on and where price is heading next, similar to BTC there is just way to much volatility in the market and I have a feeling we will see some type of weird liquidation move.
To give a quick roundup on my personal opinion, I would hold spot positions, told a good amount of stable coins to be able to buy in lower if we do drop and just sit back and be patient right now. I feel pretty confident that we will not be accumulating too long at current price and there will be a move very shortly...deploy some patience and then take the trade!