Recently I've been making a lot of long-term bearish analyses on both ETH and BTC. In one of my previous ETH analyses I discussed the possibility for ETH to drop all the way down towards the yellow area of demand. This is still my longer-term view.
With today's market-open pump, I think that ETH is well on its way of forming a bear flag. This bear flag could potentially move all the way towards the top purple dotted support before falling back.
For confirmation, I'd wait for a move below $1200 before going short. With stocks currently trading in a huge area of support we might see more bullish price action this week than most people anticipate.
I'm aware that yesterday's ETH analysis was bullish. No trade has been made since the entry conditions haven't been met, so we're still balance neutral.
With today's market-open pump, I think that ETH is well on its way of forming a bear flag. This bear flag could potentially move all the way towards the top purple dotted support before falling back.
For confirmation, I'd wait for a move below $1200 before going short. With stocks currently trading in a huge area of support we might see more bullish price action this week than most people anticipate.
I'm aware that yesterday's ETH analysis was bullish. No trade has been made since the entry conditions haven't been met, so we're still balance neutral.
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