People have been so wrecked in this market they truly believe we have not already capitulated and the worst is yet to come. Ummmm. This happened when we broke through 6k to 3k.
1. Miners are going bust.
2. Retail traders have all but mostly disappeared.
3. Less than 5% of Americans own crypto.
4. Wall Street is losing interest. We have fallen 80-95% in prices depending on the coin.
5. People are so depressed about lower prices they fool themselves into believing things will just go lower because...welll...they have to. You can beg and wish for lower prices but that doesn't mean it's gonna happen. The same goes when BTC hit 19k and everyone was calling for 25-50k BTC price in 2017-2018....look what happened there.
Yes prices can go lower from where they are now, but remember all those analysts and FUD makers who were calling for $50 ETH...what happened? It just nearly doubled in price. Thanks.
ETH is still trading inside the which is a reversal pattern. This is the beginning of a reversal pattern and even though we make lower highs, the magnitude of lower lows is decreasing as you can see from the dotted line. So what you have is bots and smart money buying on the MAJOR dips accumulating. Let me say that AGAIN. BOTS and SMART MONEY are buying the MAJOR DIPS and ACCUMULATING. This means capitulation already happened! BTC and ETH already bottomed is my theory. yes we can still drop in prices but BTC should not break 3k and ETH should not fall below 73 dollars.
20 Day EMA: Is sitting at 110 dollars. This is an important support for ETH to retest and reconfirm. BTC 20 day is sitting at 3,780. It broke it so I won't be worried as long as today's candle closes above it.
Next major support for ETH is 100 dollars which is where the 15 DMA is sitting.
I don't like to give timeframes but I expect a major short squeeze to happen within 4 weeks leading up to Baakt news.
Good luck and trade smart.
#1 goal is how fast can I move my stop loss to break even
#2 goal is how fast can i move my stop loss to profit zone
Thats all that matters.