ETH yesterday finally has retested it's macro uptrend it has respected for nearly a year. Price managed to wick below and close just above.
The concerning factor is the weak bounce forming on the chart. This MACRO support and quick hard rally has ensued each time have visited until yesterday.
This is a low time frame bar chart looking at the current price action. IF it can not hold this weak bear flag appearing trend the technical target of the head and shoulders above and the bear flag ABC pattern are both just above 1800.
While 1800 doesn't sound like a bad price taking time into consideration it is a death sentence for a bullish pump as price will be closing below the main macro uptrend.
IF this is the senario and you are a holder of ALT coins outside of ETH be prepared for the possiblity of the worst. A brake of this uptrend followed by a small bounce and rejection at the maco uptrend will be the signal for heard to sell and start shorting the market 6 weeks late.
Bear in mind this weak uptrend may hold but it started out with a rounded bottom signaling absorbtion and likely upside potential. Currently this local trend has lost it's rounded bottom and appear more of a bear flag.
BE CAREFUL and trade well.....
The concerning factor is the weak bounce forming on the chart. This MACRO support and quick hard rally has ensued each time have visited until yesterday.
This is a low time frame bar chart looking at the current price action. IF it can not hold this weak bear flag appearing trend the technical target of the head and shoulders above and the bear flag ABC pattern are both just above 1800.
While 1800 doesn't sound like a bad price taking time into consideration it is a death sentence for a bullish pump as price will be closing below the main macro uptrend.
IF this is the senario and you are a holder of ALT coins outside of ETH be prepared for the possiblity of the worst. A brake of this uptrend followed by a small bounce and rejection at the maco uptrend will be the signal for heard to sell and start shorting the market 6 weeks late.
Bear in mind this weak uptrend may hold but it started out with a rounded bottom signaling absorbtion and likely upside potential. Currently this local trend has lost it's rounded bottom and appear more of a bear flag.
BE CAREFUL and trade well.....
Comment:
We have OFFICIALLY broken below our main macro uptrend and comming up for the retest. IF it rejects in the 1820-30 range as expected alt coins will bleed insanely hard. Bodies everywhere don't be one of them.
