After further review of what happened yesterday and looking at the chart on ETH, I find it highly unlikely that the bottom is in.
What we saw yesterday was likely a warm up. We have learned that liquidity is non-existent at these levels. That traders are over leveraged in long positions. Exchanges shut down and liquidations outweighed orders.
I said yesterday that I doubted we actually got to a $14 target, but if we fall again then it seems unlikely that we don't with the above items in mind.
I am not yet opening a short position on ETH but I am looking to do so. If you do enter shorts, ensure that you are managing your risk. If I'm wrong then obviously the move could be quick against my analysis.
What we saw yesterday was likely a warm up. We have learned that liquidity is non-existent at these levels. That traders are over leveraged in long positions. Exchanges shut down and liquidations outweighed orders.
I said yesterday that I doubted we actually got to a $14 target, but if we fall again then it seems unlikely that we don't with the above items in mind.
I am not yet opening a short position on ETH but I am looking to do so. If you do enter shorts, ensure that you are managing your risk. If I'm wrong then obviously the move could be quick against my analysis.
Comment:
Very real possibility that it's actually a WXY like this one.
