Bearish harmonic.
the VIX is at an inflection point and the ES looks like shit. Lots of hype around Ethereum at the moment, mostly fuelled by false hopes that will be shattered upon or even before the merge, there's this idea that eth2 will somehow make the ETH chain somewhat useable, and not just some whale and dex arbing chain. I'm not sure where it came from, ETH2 will have no impact on fees. Literally nobody who has had the pain of using ETH likes it.
The most interesting trade at the moment is an ETC short, the bull case for ETC is basically "well its POW, that's good for price because... it just is ok!". ETC is garbage and its constantly 51% hacked. Its going to fade in the same way ADA did. (fuck ada).
All funding rates are significantly positive at the moment, so there's no room for the Bears in denial of the rally type of trade, plus most pundits are bullish.
ycharts.com/indicato...quity_put_call_ratio
PUT/CALL ratio is at the bottom of the recent range.
twitter.com/MacroCha...594962763776/photo/1
Interesting chart.
Basically right now im just seeing bulls be bulls because "its going up, there for it shall do this more". Where as bears are coming in with the hard FACTS and logic.
the VIX is at an inflection point and the ES looks like shit. Lots of hype around Ethereum at the moment, mostly fuelled by false hopes that will be shattered upon or even before the merge, there's this idea that eth2 will somehow make the ETH chain somewhat useable, and not just some whale and dex arbing chain. I'm not sure where it came from, ETH2 will have no impact on fees. Literally nobody who has had the pain of using ETH likes it.
The most interesting trade at the moment is an ETC short, the bull case for ETC is basically "well its POW, that's good for price because... it just is ok!". ETC is garbage and its constantly 51% hacked. Its going to fade in the same way ADA did. (fuck ada).
All funding rates are significantly positive at the moment, so there's no room for the Bears in denial of the rally type of trade, plus most pundits are bullish.
ycharts.com/indicato...quity_put_call_ratio
PUT/CALL ratio is at the bottom of the recent range.
twitter.com/MacroCha...594962763776/photo/1
Interesting chart.
Basically right now im just seeing bulls be bulls because "its going up, there for it shall do this more". Where as bears are coming in with the hard FACTS and logic.
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re opened short
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Another important point is that ETH is the market leader right now, its getting more volume than bitcoin. Which in my opinion means its price action should be taken more seriously than bitcoin when considering taking alt positions.
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Keep watch on 23.8k for BTC. Its a very important pivot at the moment for alot of momentum indicators as of right now.
Looks like we might test a bit higher.