ETH showing early strength over the rest of the market
1) "Sell in May and go away", an old trader saying, played out yet again with ETHUSD falling from 4400 to 1700 in epic fashion.
2) The retest of the lows held and price went to retest the highs...
3) ...which also held due to normal summer month sleepy markets. However, when price tried to retest the lows again, it didn't make much progress!
4) The range expands to the upside, meaning we go long again as we wait for volatility to pick up as it normally does going into August.
Entry: immediate
Stop: $115 below entry, trailing or normal
Stats are from 1/1/2020 using ~2% risk.
We're close to EIP-1559, which is a nerd way of saying gas fees will go down on the ETH chain. ETHBTC is clearly in ETH's favor. This has to be bullish, right?
2) The retest of the lows held and price went to retest the highs...
3) ...which also held due to normal summer month sleepy markets. However, when price tried to retest the lows again, it didn't make much progress!
4) The range expands to the upside, meaning we go long again as we wait for volatility to pick up as it normally does going into August.
Entry: immediate
Stop: $115 below entry, trailing or normal
Stats are from 1/1/2020 using ~2% risk.
We're close to EIP-1559, which is a nerd way of saying gas fees will go down on the ETH chain. ETHBTC is clearly in ETH's favor. This has to be bullish, right?