Minutes after my last post I went in to check my partner who had been feeling unwell in the afternoon. Shortly after that, we are in a local hospital being transferred over to another hospital’s ER for an emergency appendectomy at 3 AM. Sorry for the delay in the update post. We finally got back to our place and after grabbing my first meal (dinner yesterday) I got her set up with a movie and sat down next to her in bed (she’s doing well now btw) to start writing the post and catch up on all my other stuff and apparently I fell asleep 7 minutes in with the laptop on top of me.
Pretty wild first 2 days of vacation.
OK. With the excuses out of the way let’s get quickly to the markets. I’m not going to get too in-depth because honestly not much has changed in the daily perspective. This was a prime example of why one should wait for daily closes before taking action on emotions. If you’d have sold off expecting the market to fail that night you’d be pretty unpleasant with the market rebounding right now.
The daily ranges proposed in the last Sunday update still stand and I have no reasons to expect them to fail in either direction before the week is closed even with yesterday’s daily wicking activity going towards the “worst-case scenarios”
BTC: $36k - $43k Current prices are trading at $39k. Taking a peek intraday at the 2HR chart, to expect prices to return up to the top of the ranges I’d be looking for a retracement down to test the 50-period EMA around $37k and bounce from there creating a higher low close. Any closing prices under the white line and I’d expect the consolidation at the lower ends of the daily range to continue for the rest of the week.
ETH: $2500 - $3075 Current prices are trading at $2720. Looking at the 2HR chart, similar to BTC, to expect prices to return up to the top of the ranges I’d be looking for a retracement down to test the 50-period EMA around $2610 and bounce from there creating a higher low close. ETH has a bit of a bigger buffer with horizontal support at $2500 and an argument could be made that lower intraday closes down as far as that could still be a higher close and that wouldn’t be a bad argument for a bullish case but I’d not particularly be interested in trading a long underneath those EMAs. Any closing prices under the white line and I’d expect the consolidation at the lower ends of the daily range to continue for the rest of the week.
I’ll get out the regular update on Sunday. I was expecting more would need to be put in the midweek update with all the volatility, but technically, nothing really looks much worse than the pictures and projections from last Sunday. All is really within expectations.
What a true gentleman you are Terry. Love hearing you taking such awesome care of your partner. I wish her a speedy recovery. Thank you for the update.
Thanks man, appreciate the effort to keep us updated. Givers get, so know we're all supporting both of you.
Hey buddy, hope all’s well with your partner now. Take good care of her. Cheers, Fevzi
Terry, how is everything? Any new updates? Happy belated birthday!
What a true gentleman you are Terry. Love hearing you taking such awesome care of your partner. I wish her a speedy recovery. Thank you for the update.