Hello Traders
As pointed out, ETH is in a clear Ascending Triangle pattern. Now, usually this would be seen as Bullish BUT my bias is Bearish. I'll tell you why:
1) Probability of a breakout ABOVE is 15% (simple math counting failed tries). This already is enough for me not to risk a long here
2) Low volume
3) Unpopular opinion: DeFi simply cannot afford ETH at $2k.
I'm not saying it's not possible for ETH to go slightly higher, but what I would want for a long here is a better risk-reward setup.
Best Regards and Trade Safe
Ev
As pointed out, ETH is in a clear Ascending Triangle pattern. Now, usually this would be seen as Bullish BUT my bias is Bearish. I'll tell you why:
1) Probability of a breakout ABOVE is 15% (simple math counting failed tries). This already is enough for me not to risk a long here
2) Low volume
3) Unpopular opinion: DeFi simply cannot afford ETH at $2k.
I'm not saying it's not possible for ETH to go slightly higher, but what I would want for a long here is a better risk-reward setup.
Best Regards and Trade Safe
Ev
Comment:
NOTEWORTHY, Tether has printed 750m USDT today. That might be used to give BTC another leg up. In which case, ETH will be dragged up. However I still suspect it won't make it past 2k. Just my opinion
Comment:
ETH did, infact, go up with BTC. I am not giving any advice on longs/shorts however I can tell you what I think personally : unless one didn't have an EXISTING long opened on a much lower position, I wouldn't have an open long in such a high risk setup. That's just me. For me, these conditions (price discovery) are not ideal for scalping/day trading.
Comment:
above comment should read "unless one DID have an EXISTING long..."
From here, I don't believe ETH will go higher unless BTC goes higher.
From here, I don't believe ETH will go higher unless BTC goes higher.
