Technical Analysis
Good Morning!
It will be a short one today. The market is still in a consolidation phase, and there are no new developments.
Bitcoin BTC (4h)
There was a glimmer of hope when we traded above the baseline and pushed into the cloud. But it didn't last long... Price action and the flattening of the term future structure are not producing any bullish vibes, and my potential target of 29'000 USD is likely.
It will be interesting to see how the market reacts when we do reach 29'000 USD. I will decide short term if I hop on a long trade or play the break down with some short-term futures (preferably Dec21 contracts).
Ethereum ETH (4h)
Copy/paste what I just said above. However, we are a little further away from the make or break level, which in my view is around 1'950 USD (similar to that of the BTC level of 29'000 USD).
If you were to put a gun to my head and force me to go long, the asset (of the above) that I would choose is ETH. Here is why:
Ethereum/Bitcoin ETHBTC (4h)
I have confidence in a completed irregular ABC correction. And this should send us to a new local high. I intend to keep a close eye on the baseline and the cloud. I am happy to load up on some more long positions when we dip lower, below the baseline, but I do not want to see the price penetrating the cloud.
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