$ETH
TLDR: Above 39s = 👍
Long Form:
Range bound consolidation under ath's is encouraging.
It may need a few more weeks for compression to build before the breakout trade becomes the momentum play.
My last trade on eth was a short from 49s to 43s and I've not been interested since : until =>
1. The breakout trade sets up with signs of compression
2. We trade the extremes of this range at 39s or 49s
3. Notes on the chart
On the flip side, is this all distributive?
Can't rule it out tbh, but at this stage it's low probability for me.
That probability increases when a shift occurs in both the micro structure and the overall structure, with acceptance below 39s. That is my line in the sand for swing trading back down - see previous instances of where the market sold off from.
Today was a record day for more than one reason (ATH).
Highest $BTC perpetual swaps daily volume EVER.
Highest USD spot volume day since the last cycle.
Crazy stuff.