First take the mETH, then feel the dETH

POLONIEX:ETHBTC   Ethereum / Bitcoin
283 2 6
We can all admit at this point that ETH (a.k.a mETH or dETH depending on which side of the aisle you stand) has just went through a price bubble. Price is currently trading ~ 55% below the bubble high. In my view, the market has failed to capitulate to the selling pressure. I think the chart shows a nice set up for what should produce a capitulation event in the coming weeks which should sent price tumbling down 70-90 % off the bubble high. I have a potential outcome outlined in the chart.
Comment: Descending triangle failed to maneuver into capitulation. A strong reversal appears to be underway.
Trade closed manually: Oops this trade closed a long time ago. The market did not capitulate. More bullish tendencies could lead to an interesting future. But I wouldn't bet on it until the market proves it's worthy. Still a very shortable future for this youngster.
I couldn't have made a better "bad trade". The market mirrored my prediction and I can only laugh in shame.
short !!
+1 Reply
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