proteus_1

The chart doesn't look great but I see a lot of chatter lately about SHIB and it's slated to be in T. Rowe Price's ETF once approved. Also, the weekly burn rate is up ~130%, so I'm taking a shot on it. The daily chart also shows a multi-day squeeze forming. 10x long from .000010172

This weekend's PA is very similar to last weekend, and I think we are roughly near the circled areas with respect to progression. ETHUSD is at high risk area to open new positions and it would be safer once the 3900 level is broken on volume. If we break 3900, then it should be fairly easy to reach 4000 but there is a confluence of resistance there, so I expect a pause/temporary reversal. Current Trades Spot Entry: 3700 TP: ~4030 (.618 fib) unless it breaks on volume, then ~4130 (.768 fib) SL: 3795 Perps (20x long) Entry: 3842 TP: same as above SL: 3830

Squeeze forming on daily but has yet to confirm. RSI div and %R oversold and bouncing. Opened 10x long kPEPE at .006672 for short-term play.

ETH is in a descending triangle on the 4 hour chart which is a bearish pattern. A few other factors outside of price action that suggest a possible correction: Net weekly ETF outflows. -63k ETH last week. Potential multi-year double top playing out but that won't be invalidated until price falls below $1,000ish which is highly unlikely. ETH validator exit queue at record high level of 43 days with roughly 25 million ETH queued to exit staking. Not all is likely to be sold, but the record exodus can't be bullish. https://www.validatorqueue.com/ Proliferation of Digital Asset Treasuries (DATs) that add very little value to the ecosystem to justify a premium over readily available ETFs. Given the recent decline in ETH price, many are now trading at a discount to NAV. This creates the potential for a negative spiral by forcing sales of assets which adds further pressure to others. Tom Lee who has a vested interest in DAT success said the DAT bubble has started to pop (DAT bubble..not specifically ETH). This by far is the biggest risk to the space. It may take some time to materialize but if it does, I suspect that it will be unwind rapidly. There are many incredibly bullish counterarguments that could easily take this back up quickly, so this idea will be invalidated when the upper trend line is broken on volume. My long-term view is bullish but there is a lot of hype and excess in the space that periodically needs to be cleared out. If the descending triangle plays out, we could see another ~20% drop to the $3,000 range. I am already short but the more cautious approach is to wait until the lower support is broken on volume.Upside breakout due to tentative US/China tariff deal. Will re-short if it falls back in the triangle.Second story of the day on DATs.. it's going to be an issue at some point tradingview.com/news/cointelegraph:5c439d067094b:0-bitcoin-ether-treasuries-have-ghosted-since-the-crypto-crash/

ETH pulled back to .5 fib on daily which is also near the EMA20 and max pain for long (3,553). I'm expect price to move up from here or dip to the .618 level at the most (~3,500). Trade: Using ETHU (2x lev ETF). Setting stop loss just below 3,500. Initial TP 3,825 and will use a trailing stop to lock profit in along the way. Ideally, I will let this trade run to $4-6k range if the momentum is strong.Closed trade manually for 4.1% profit. ETF outflows continue at a higher rate than expected and the following key metrics are concerning: - Large ETH wallets sent $69M to exchanges, showing signs of positioning before potential selling. - Net taker volume dropped $418M, marking one of the sharpest sell imbalances in ETH history. - ETF flow reversed after major outflows, with $73M added back amid shifting market sentiment. Source: tradingview.com/news/cryptopotato:c718e23b5094b:0-eth-sell-off-whales-move-69m-as-taker-volume-plunges/ I am still a long-term bull and plan to rebuy at a lower price.

Resistance at 111k has proven to be challenging for BTC, and I believe that it needs to retrace to regain momentum to go meaningfully higher.On the hourly chart, price has been squeezing for the longest since June which resulted in a drop of more than 10%. The squeeze and RSI divergence pattern between the two periods is very similar. BTC enjoyed the tailwind of the USD falling significantly since the beginning of the year, but I believe it will start to strengthen again.TP is the 93-94k range. I will cut losses at 111k. If the trade gains momentum and slices through 93k, then I will continue to trail stops until it reverts. At that time, I will most likely go long for the next major upside push.Risks:There are three major pieces of crypto legislation that could cause unpredictable swings.Also, it's crypto, so anything can and routinely does happen :P