ChainhubCT
@chainhubct
Thoughts and update: Since the bottom in April, we had a pump as expected for a reverse titanic. My big TP target has always been 2700$ ish on ETH since this level a HTF supply and can be refined which makes it optimal. I took profits there as mentioned. Now when we first came into this level, I was optimistic to see a correction to around the 2k$ level on ETH. The huge pump left behind big imbalance in price which technically needs to be filled before expecting higher. When corrections started to occur, eth was still hanging very high compared to altcoins so this is why (if you remember correctly) I said 2k eth is still far away and unlikely for now. I was expecting a correction in early June which came on 5-6 June and this is where I entered long for higher until 3.3-3.5k ETH. This was the plan.
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ChainhubCT
@chainhubct
Obviously in trading, it's all probabilities and invalidations are to happen. After this bottom on June6, I was expecting higher and an ETH breakout above 2860$. But as you can clearly see ETH didn't breakout and had an SFP (swing failure pattern) meaning it failed to breakout. This is bearish, and with the WAR news, it validated the whales sync selling at supply. It means whales are still interested to sell into this supply and they timed it with the war conflict. My longs were cut on 1% loss but were recovered already. I am still neutral, awaiting more PA developments to make my next move in the market. My point is, you should be prepared for any scenario and be flexible to whichever the direction of the market. With what happened recently, it was bearish and ETH could have a bearish break out to go get the 2k.
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ChainhubCT
@chainhubct
The point is, you should be prepared for the scenario where we might see ETH at 2k. IF we get 2K, this means altcoins will get 30%+ dumps across the board. We could get some altcoins like DOGE at 0.124$ (a dream) which is a level that got front ran at the bottom on April, XRP at 1.5$ (also got front ran). I still have the rest of my spot from the bottom, trailing them but if I see some bearish break, I will cut most and rebuy lower. The 2K eth would be a dream for me. The power of trading lies in adaptability, flexibility and versatility. So all in all, I will update once the market shows cleaner PA but at the same time, be versatile in case we get 2K eth which is looking more likely with ETH SFP and the meaning of the war to justify whales selling more at supply, the goal might be to push for lower prices and get the liquidity at a HTF key level like 2K ETH.
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