ETH needs to break above 1713 and it will activate the next leg up.
Initial target is 1808-1841, but if it can get there it will likely consolidate and continue higher to 1886-1945. Will re-eval from there but has room to run to 2000-2100.
Low to mid 2000s is what I’m seeing near term. Highest I see it going is 2333 before gets hit
shelby3
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It’s possible ETH could drive higher to form an even more convincing hidden, bearish RSI divergence. But it already has it, plus multiple drives of bearish RSI divergence since July 16. And there’s a repeating pattern that suggests this bear trap bounce is nearing completion.
JerryManders
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@shelby3, I think the most important thing for any asset is what its about to do in the near future - knowing this allows near-term trade decisions, which in the current market is the best way to make money. That is why on my recent ideas I have been projecting paths for near term horizon and those will hit more often than forecasts further out (and at the same time mitigate the need to control for indecision based on too many signals and save effort)
shelby3
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@otwa2113, You hit exactly on the ETH $1808 and the timing. But today a series of black swans with the FBI seige of an ex-POTUS for the first time ever:
“github accounts of people who contributed to tornado repos just got deleted”
I wrote:
Now we found the potential cause of another leg down crash in crypto!
Oh my I did not think of this. As the centralized stable coins block funds, essentially backing for those is now free money for the proprietors of the stable coin, unless they expect some legal regime that require those funds be sent to someone (but how and how would anyone know which funds were stolen from whom if they were all mixed?). Thus this is the perfect scam. Launch a stablecoin, then comply with government sanctions to legally steal money!
JerryManders
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@shelby3 these violent delights have violent ends.. but I still see 2333 before it’s time to run