Ethereum has bounced a bit during the trading session on Wednesday, using the $290 level as a springboard. It now looks as if were going to try to reach towards the 310 region again, but it’s not until we break above the $316 level that I feel the market is free to go higher. In the meantime, I like buying dips and adding to my position as I believe we are trying to form a larger base to go higher on the longer-term charts. I have no interest in shorting.
With Bitcoin near all-time highs again, and makes sense that this market continues to drift lower. We are starting to get into the oversold part of the stochastic oscillator though, so a small bounce could be imminent. That being said, that small bounce should end up being a nice selling opportunity going forward.
Thanks for watching, I’ll be back tomorrow.