I think BTC might bring ETH down to a 50 percent Fibonacci retracement especially since the 200 MA is unnaturally distant. The MACD flow looks anemic at the same time.
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I"m new to this but it appears to me that there is a higher probability of this being bear trap rather than a quick bounce to new highs.
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Now it looks like a head and shoulders. We could be looking at 1,572.60 before the bleeding stops.