As of yesterday we where right on the small correction. I hope our readers had sold their positions in BTC and ETH.
Today I want to have a look at ETH (Ethereum). The last weeks ETH is really cheap to hop in for long positions. As of writing time ETH is valued at $287,84. I think this is a good time to hop in for long positions. As you can see in the trading view image below ETH is approaching a possible breakout as the triangles are narrowing.
The blue line stand for support. We are ending a narrow path and this would indicate we possibly see a break-out coming very soon.
My advice, wait if it break support. If it breaks support then wait with a buy order and watch the line closely as you can buy in even more cheap. Levels around $275.
But for longing, today would already be a good position to slowly jump in as we believe the break-out will go up.
NOTE: This doesn’t mean a crazy bull-run. It just means that it will have a pump and afterwards can continue the down-trend we are having for months already. Nothing is indicating here that the average trend is changing.
As of BTC I would suggest to wait. It had a correction the last hours/day. Let’s see how that will go with the dominance. On writing time 53.1% which is still not decreasing, which is actually a good sign for BTC of course. As soon as the dominance will reduce and we see a rise in alt-coins it’s a good time to jump into alts. As often after a BTC pump the alt-coins will follow.
Take in mind that earlier support often counts as resistance in the future. And when we look at the total market cap 250 was always the support so expect a resistance when we approaching those levels.