Looking at the market data one could find ways to explain the dip and bounce back would be perfectly reasonable. Except for ETH announcement. Here it gets more complicated. You would think that positive publicity would rise ETH price, however, historically cryptos did really poorly before and right after released.
Therefore we have an overbought overpriced market, that should dip. Lots of publicity that should drive the price up and ETH that should drive the price down. So, which is it? Up or down? In situations like these technical data has been proven again and again useless. A major driver will be people irrational behaviour and, don`t forget, whales will never miss an opportunity to double their millions!
Here are today's technicals: Position should be short (I doubt it will be). Forecasted highs at 1700, mid-way point at 1645, support forming at 1580 and forecasted lows at 1540... Regardless of the technicals - it is really unlikely that price will drop under 1600 and there is A MASSIVE gap between 1600 and 1540! Irrationality + confusing data - I call it a price rise! 🤑 Let's see if we can make today's targets and a nice little profit for everyone reading this 💰
It seems that a lot of people who lost money with BTC futures launch now really resent ETH fututres. It is exciting to see how today will unfold.