Here on ETH/BTC we can see that the inverted head and shoulders pattern already played out after the sudden bullish gains starting yesterday evening. Combining the fact that the sudden boost reached a hard point of resistance (S/R flip) I suggest a short position here for a trade set-up.
It is not common that the price keeps going upwards after such a strong unsustainable boost in the price. I expect a small correction first, where the bulls take time to collect some money for their second attempt of burning through that resistance. We can monetize this scenario by using a short set-up.
Longterm I am still bullish on ETH, so make sure you set a tight stop-loss. Short term, let's use this fantastic scalp opportunity.
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-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
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So far everything looks really good:
We're getting at the point that it will be too late to enter the trade still. Let's see if the ETH bears can push through!