I didnt like when it started falling. but now I'll be looking to add ETH to my portfolio. The thing is, it has perfectly retraced to support line and gracefully bounced off it. What the hell else do you need to be bullish on it? It was inflated a few months ago without any real support, but this support line looks beautiful right now. And one more thing. since btc just did a high leap up. it means it just started a new wave. But every cycle makes 5 waves, so we will be seeing more upward movement in mid term, and it should be a relatively safe investment. The price is 100 points higher above support, so I don't say its an ideal entry. But, this ETH should be on your list. As it makes a second wave and moves down, it will be a time to buy. The good thing about ETH is that it has a real world value (not just hype) and with more tokens the demand for Ethereum is increasing.
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Let me just clear this out. It could still go lower in theory. but mid term I think we are safe.
The beauty of that long-term trendline bounce! So clean. Everyone says don’t use this macro view when charting, but look at that. Nice. What is your opinion of resistance on the way up? My eyes have been looking at around 580 for a retrace. I think we got a little too hot and heavy on the takeoff here. While it’s exciting, we know what goes up fast usually reverses just as quickly. Still keeping an eye on resistance areas. Hard to say if it’ll hit 570-580 and return home or if we’ll continue to push up to that 710 resistance. I remember that one keenly by memory. 710 was pretty strong support/resistance in the past. It has my attention when we get there.