Based on previous bull cycles approaching the previous ATH, and assuming this one is no different:
I expect a correction, as does everyone on every platform right now, down from the current region. For me, as a risk assessor I would use a 5% aggressive margin of safety from the ATH level - 95% of $19,666 is around $18,666. This is my "close long positions zone", or my "don't go 2x zone", or my "wait for capital to flow into ETH zone".
Further to that as per the previous bull market, I expect the correction to be between 25% - 39%, my personal conservative expectation being around 30%.
At and up to 30% correction, I would open a long positions at regular intervals - although I expect the downward spiral to accelerate towards the end of the corrective phase. I believe this should last 3-7 weeks, as corrections did in 2017.
These next few weeks of correction would be a decent time to consider ETH long positions, and to close ETH by $800 or end of Bitcoin correction, whichever comes first.
Why a 5% margin of safety? Learning from my mistakes of having executions too close to target areas.
Why is this aggressive? In an asset that doubled in 2020 what is 5-10% of gains when it comes to getting ready to capitulate on a correction?
Hope this helps. :)
I expect a correction, as does everyone on every platform right now, down from the current region. For me, as a risk assessor I would use a 5% aggressive margin of safety from the ATH level - 95% of $19,666 is around $18,666. This is my "close long positions zone", or my "don't go 2x zone", or my "wait for capital to flow into ETH zone".
Further to that as per the previous bull market, I expect the correction to be between 25% - 39%, my personal conservative expectation being around 30%.
At and up to 30% correction, I would open a long positions at regular intervals - although I expect the downward spiral to accelerate towards the end of the corrective phase. I believe this should last 3-7 weeks, as corrections did in 2017.
These next few weeks of correction would be a decent time to consider ETH long positions, and to close ETH by $800 or end of Bitcoin correction, whichever comes first.
Why a 5% margin of safety? Learning from my mistakes of having executions too close to target areas.
Why is this aggressive? In an asset that doubled in 2020 what is 5-10% of gains when it comes to getting ready to capitulate on a correction?
Hope this helps. :)