Wednesday is here and it seems that ETH is about to complete pattern. The market indicates some level of excitement, however, at this point, there is no clear data on which way the market will turn. All-day yesterday the market was really pushing for a breakthrough upwards and have been rejected at least a dozen of times around ETH $1715 mark. There was an attempt to break below $1650 and it bounced right off it.
At a Macro level, market is 💯% declining in line with the pattern that we have been discussing recently. At a Micro level, the situation is a lot less appealing. Strong signs of the market slowing down, volumes and dropping. 1% uncertain profit or loss is turning traders away into seeking other, more exciting opportunities.
Position Short-ish (as you may have noticed, for over a week the market is ~50/50 with no significant wins/losses, low with a slow decline at a Micro level)
Forecasted high at $1720, $1760
Mid-way point at $1760 (meaning that ETH although discounted, keeps dropping)
Forecasted lows at $1650, $1630 and $1600
Have fun trading or taking a day-off! 😎
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