Update from previous post:
as you can see my analysis from yesterday was quite accurate, ETH played into the this flag I had marked very nicely before doing a very common trait, which is swing failure to the low before pumping up and out of the formation.
this triggers all the SL and gets traders into a short position before breaking back into the formation and breaking out relatively soon afterwards, to try and give the least amount of people the chance to grab gains.
we broke out and seen a bullish retest which led to a lovely pump unto my second green line (note that all of may trend lines are still very valid and they have been drawn and left on my chart for several days now.
a couple of bearish things to mention, the market sentiment as a whole is bearish (short term) and most people are expecting btc to test the 58/59k level before we can safely say we are back on the upswing.
we also have the CME gap, last time I done a post about the CME gap it was higher than the current price and I urged everyone to not be scared and get into a long, the price perfectly hit it before continuing to the downside. this time the CME gap is at 4016 and I have highlighted with the grey box where it would be on the chart, I am not saying we are going to get to these levels but the likelihood is pretty high.
we also have a lovely falling wedge that we just recently broke out of, however as I am writing this we don't seem to be retesting the line but more dropping back into the formation, expect a test of 4000 by tomorrow and we could finally see my bearish target of 3840 and let this small dump be over with!
sorry for the long analysis, surprisingly a lot to talk about for a weekend.
as you can see my analysis from yesterday was quite accurate, ETH played into the this flag I had marked very nicely before doing a very common trait, which is swing failure to the low before pumping up and out of the formation.
this triggers all the SL and gets traders into a short position before breaking back into the formation and breaking out relatively soon afterwards, to try and give the least amount of people the chance to grab gains.
we broke out and seen a bullish retest which led to a lovely pump unto my second green line (note that all of may trend lines are still very valid and they have been drawn and left on my chart for several days now.
a couple of bearish things to mention, the market sentiment as a whole is bearish (short term) and most people are expecting btc to test the 58/59k level before we can safely say we are back on the upswing.
we also have the CME gap, last time I done a post about the CME gap it was higher than the current price and I urged everyone to not be scared and get into a long, the price perfectly hit it before continuing to the downside. this time the CME gap is at 4016 and I have highlighted with the grey box where it would be on the chart, I am not saying we are going to get to these levels but the likelihood is pretty high.
we also have a lovely falling wedge that we just recently broke out of, however as I am writing this we don't seem to be retesting the line but more dropping back into the formation, expect a test of 4000 by tomorrow and we could finally see my bearish target of 3840 and let this small dump be over with!
sorry for the long analysis, surprisingly a lot to talk about for a weekend.
