Today is the 20th November 2020, let’s get another newsletter update released, and talk about some of the recent moves we have seen across the board. I hope this newsletter helps to explain in more detail my current bias for PA and where I think we could be heading over the coming days, weeks, and months!
Daily Market Breakdown
Ok, so first things first, in the newsletter from five days ago I mentioned clearly that my first target for ETH was $500. This target has stayed firm throughout the past five days and even 3 days ago I tweeted that $500 was still my original target…
This morning this was achieved and LTF price is not resting well above $500 with price currently $507 and looking strong. Congratulations to everyone who was in a long position over the past few weeks, $500 is a huge level for price to flip into support and I think we could really starting picking up some upside momentum from here.
As you can see from the chart above, this is the same HTF macro chart we have been watching for a good few months now, and honestly, $500 was the major level we needed to break to really start shifting in terms of momentum for HTF. If we are looking just at the chart above we can see that the next major resistance is $800, now I don’t want to say that price is just going straight to $800 from here but the road will be a lot easier getting to $800 compared to going from $100 to $500, there are a lot fewer resistance levels above and honestly I think PA will have a positive impact from here.
I think personally that with more and more ETH being locked into ETH 2.0 and now this $500 hopefully being flipped into $500 over the longterm, I am super bullish on price pushing further throughout the rest of the year and especially in 2021. Next major resistance and target will be $800 for those who are looking for HTF view.
Sponsor - Bybit Exchange
Bybit is committed to creating a fair, transparent, and efficient trading environment, and we offer 24/7 multi-language support as part of our service. Products currently offered on Bybit include BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, ETH/USDT, LTC/USDT, XTZ/USDT, and LINK/USDT perpetual contracts.
Bybit is giving out up to $610 in rewards from Nov. 2 to Dec. 10, 2020. All users who input the voucher code: WIN$500 in their Rewards Hub and make a BTC deposit will receive up to $500 in bonuses and a $20 Coupon. Additionally, all new users can receive up to $90 in Rewards in their Rewards Hub.
If we take a look at the chart for BTC quickly, it’s looking like a majority of this run is likely over and we would consider the current PA in a take profit levels, especially for myself who likes to re-risk after the price is up 300% in a year. Also as mentioned in yesterdays newsletter, I thought if BTC could accumulate for a while then ETH and Alts could both start moving higher well it seems that is now taking place and a lot of the alts I have mentioned I have been holding have moved much higher already today with the majority being up over 20%+.
My personal opinion is to take profits on BTC for the time being until we have flipped this current price is support and increase exposure to a few very promising alts and ETH. I think we could see some correction for BTC at some point before Christmas so just be careful but right now ETH is taking center stage for me with current PA.
I also shared this LTF ETH chart this morning and just already look how PA is reacting to $500, we did not even get a retest of $500 clean and bounce perfectly at $502 with buyers stepping in with huge confidence. We are now seeing this secondary push to the upside which honestly could take us up another few % by the end of the day, I am currently super excited to see where this daily candle will close. The current candle structure is showing pure strength from bulls on anything less than a 8H.
If you enjoyed this newsletter please make sure to signup for more in-depth technical breakdowns and project updates. Thanks for all the support recently!