#5 | Coffee & Markets
My coffee is a-heatin’ and I am ready to talk speculation. Grab a pillow, snuggle up; it’s storytime, friends.
The king outperformed. The 42k sweep and the failure swing I thought I saw was invalidated when price went back up into the 42k area and closed firmly above it, thus stopping me out of the trade. As I said I would, I have flipped my bias long until we see signs of weakness at key areas — 47k April’s low to 50k area is what I’ll be observing.
The trajectory I’ve mapped is very rudimentary and I wouldn’t bet on it. I just want to see higher lows form around 47k-50k to eye a potential move toward 56k and 59k’s highs consecutively. For now, 42k is my key invalidation level. Fail to hold that and break back below and I expect moves toward range support around 28k. Break and hold around 47k and I wouldn’t be surprised to see 59k touched in the coming weeks.
If I end up taking a long on this at any point I’ll share my setup. ‘Till then, good ol’ hand sitting.
Whereas my previous Bitcoin predicament failed, Ethereum has been kicking ass as I imagined it would. I would have been able to capitalise on it had I not been away yesterday, since that dip back into $2,900 would have been a great area for a long since the invalidation was tight. However, hindsight, so me saying that means fuck all.
I don’t believe Ethereum is done. Heck, the $3,550 level is the least I would expect to be hit, personally. Beyond that, $3,930 is a key resistance level in my eyes, aligning with a bearish daily orderblock open and the ATH weekly close. Where I’m looking to distribute some more short-term spot. Currently I won’t be doing any short-term long setups. I’ll be looking for other alts that are looking more appealing in terms of R/R, with such underlying bullishness from the King & Queen.
Tomorrow I’ll post a few alts I’m looking at. I just wanted to throw this one out there already. Also I’m planning to write about some more concepts I use and go into them in-depth. Should be entertaining.
Be happy, stay wealthy!