Technical Breakdown - 8th September
Welcome back to another technical breakdown, in this breakdown I just wanted to cover some more of the market movement over the past 24 hours and just explain in some more detail my current thoughts and opinions on the market. Currently, the price seems still seems to be handing onto $10,000 level but honestly, it really seems as though we are trying to lower and run some of these stops. The good thing currently is that bulls are stepping in once $10,000 seems to be taken out and volume does not seem to be too bad right now, its a pretty interesting dynamic right now. My initial opinion is that we could see price fall into this middle 9000's range before we find our local bottom right now
I really think just by looking at the HTF chart above that PA is currently looking to form a new HL, now I'm not saying that we can not drop lower or see another liquidation wick to the downside but overall I think between $10,000 and $9000 will be out local bottom before we see another move the upside and any further pullback in the market on an HTF level would actually really surprise me. I'm personally starting to scale into positions for large caps around these levels just as I took a lot of profit on the way up and am feeling pretty confident that at some point these levels will hold as a range for the coming few weeks.
Compared to Bitcoin, current PA on ETH is looking a lot more healthy in general, even though we have seen a pretty sharp pullback it has been straight into this strong support region around $380 and currently it seems to be holding up pretty well. I'm not going to jump the gun and call a bottom here as like I mentioned we could see another little leg down on Bitcoin but overall in this general area is probably a nice long position for spot especially if you are buying back in after taking profits in the high $400's.
Generally speaking, I still think the market is in pretty good condition compared to where we were at the start of the year, a pullback like this was pretty easy to predict in my opinion, technicals where a little late but honestly just going from market sentiment and all the crazy shit that was happening over the past 3 weeks it was pretty clear that people were both overleveraged in the market and being greedy. Hoping to really start scaling back into a huge position around that flat $300 level as I think it really could be a very low entry compared to where I think the price will end up going over the next 1-3 years.