I saw a lot of bullish messages regarding eth these last days and thats fine we saw a 98% gain in a couple of days.
But is this really the start of the bullrun for eth? In my opinion NO. We are starting to see some bearish signs on ETH already so that gives us enough reasons to wait this out and wait for a confirmation to enter a short.
As you see on the chart we had a pretty steep move up and it formed a very obvious GTFO line... Yes, GTFO :) thanks to my brother Alp we have a name for this line.
Basicly this line develops on a move that goes tooo fast up. Breaking this line often means a very quick move back down, after a successful retest sometimes. So thats when we GTFO. Although we are at a very important resistance right now and this is a good zone to short we still have a chance to break it up obviously. So to seek some more clarity we need to look at the KING btc. The moment the king shows weakness we might see another series of dumps in the altcoin markets. If we do go back down again from here the Highlighted support zone is the first target, because this rally up would look alot like a relief run if we go back down we can hold 60% of our position at highlighted support.
If ETH decides to break the current resistance and it does with enough volume, there is a high chance we will see a big move all the way up to 220 zone. Trade with riskmanagement, risk what you can afford to lose and stick to your plan!
But is this really the start of the bullrun for eth? In my opinion NO. We are starting to see some bearish signs on ETH already so that gives us enough reasons to wait this out and wait for a confirmation to enter a short.
As you see on the chart we had a pretty steep move up and it formed a very obvious GTFO line... Yes, GTFO :) thanks to my brother Alp we have a name for this line.
Basicly this line develops on a move that goes tooo fast up. Breaking this line often means a very quick move back down, after a successful retest sometimes. So thats when we GTFO. Although we are at a very important resistance right now and this is a good zone to short we still have a chance to break it up obviously. So to seek some more clarity we need to look at the KING btc. The moment the king shows weakness we might see another series of dumps in the altcoin markets. If we do go back down again from here the Highlighted support zone is the first target, because this rally up would look alot like a relief run if we go back down we can hold 60% of our position at highlighted support.
If ETH decides to break the current resistance and it does with enough volume, there is a high chance we will see a big move all the way up to 220 zone. Trade with riskmanagement, risk what you can afford to lose and stick to your plan!
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Our indicator gives a Short signal on the 4H
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