ETH - Breaking Out 🚀

ETH printing a first solid bullish momentum candle having passed the 4H50MA.

RSI pushing up into top quarter for first time since the local high so now looking quite bullish.

I'm just buying the potential bounce, this is most likely not going to be a long term hold.

Not advice.

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There is an interesting relationship that when indexes are only just signalling a bounce may be on, more risk on assets like ETH are already on their way and as you can see on the chart ETH is potentially looking to impulse out of already a second contraction pattern.

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You cant get the first compression pattern though - those are for computers, heroes and market jedi only 😸.

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Indexes whipped bearish and this downside is far to much to have any confidence in trend. This did look good at the start of the day but not anymore. No longer good RR. I'm out.

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Still keeping an eye on crypto but its effectively bobbing in the water here, drifting sideways, could easily fall if further downside comes from stock indexes in the week.