-The previous support area has turned resistant today -This zone is a perfect entry for the sellers to enter the market -Another lower high structure is being painted by the Bears -The Bulls needs a lot of work to do, they need to defend its recent mid support -If the buyers can hold the 40k dollar area and bounces up like a double bottom reversal -That can be our next step to look for a new trading opportunity in the coming days -I am still not into any swing trade yet, and I am patiently waiting for the best confirmation -Stay safe everyone and please manage your risk if the market is not in your favor
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I think it will not hold that price level. More downside is probable as downtrend is building up momentum. BTC gains on weekends when retailers try to buy any dip with expectations of huge growth only to see BTC fall during the week when futures market open and proffesionals take their profit.
J_finnoy
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Is it just me, or does the run from 21st of July look identical to the run from dec 2020 up to ATH and then to crash??
I cant get over how similar the fraction looks, and if so we are in for a huge drop if this plays out......
Tradersweekly
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@J_finnoy, I think more downside is on its way. Wait for futures market open.
J_finnoy
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@Tradersweekly, If the fraction i see plays out we will bottom out in the 36-37k area... Idk just holding my money on the sidelines for now, maybe entering a long position if we get down to those levels or break 40k.. But i honestly hope etherium will drop to some good levels, more bullish on eth in the long term.