ETH fake-out underway, dumping to resume soon.
Hi Traders,
Just pointing out ETH (and the market as a whole) is seemingly in a stage of fake upward action, surely to bait new longs before the next leg downward.
We see the weekly is not yet in a bullish set up but for retail looking to take on risk they would assume this is good enough, it is far from it.
The the 2D shows how the upward action is being zigzagged sideways to trap those longs into thinking the weekly will pump, but with 5 days remaining i believe we will see it close red, a stark difference to present moment.
SHORT
ENTRY 1340-1360
SL 1372
TP TBA
ETH is preferred for shorting compared to most alts/BTC given 2 things 1) its recent upward move has allowed far better % return for dumping 2) CME Eth futures indeed did result in a downward continuation which means ETH will easily have more downside to come.
Goodluck,
AssetMastery
Just pointing out ETH (and the market as a whole) is seemingly in a stage of fake upward action, surely to bait new longs before the next leg downward.
We see the weekly is not yet in a bullish set up but for retail looking to take on risk they would assume this is good enough, it is far from it.
The the 2D shows how the upward action is being zigzagged sideways to trap those longs into thinking the weekly will pump, but with 5 days remaining i believe we will see it close red, a stark difference to present moment.
SHORT
ENTRY 1340-1360
SL 1372
TP TBA
ETH is preferred for shorting compared to most alts/BTC given 2 things 1) its recent upward move has allowed far better % return for dumping 2) CME Eth futures indeed did result in a downward continuation which means ETH will easily have more downside to come.
Goodluck,
AssetMastery