madeinvietnam
Short

Ethereum pumps, delusional bulls follow

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
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Ethereum is repeating history. Like very recent history. ETH is in a rising wedge and the 4 hr RSI is over 70. Look back a few weeks and see how that turned out last time. The bulls keep falling for the same tricks over and over. Take a look at the ETH.D chart. You will see the same rising wedge .
Trade closed: target reached: We could see a double top before Ethereum sees further downside. Closing out for now. Short again later.
@madeinvietnam like the idea, , i wonder if we are in a copy of the precious move inside a descending triangle, but lots of altss are in a simialr big resitence, and BTC didnt cross the 200MA yet.
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luissjp luissjp
@luissjp, only a breakout and retest of the resitence will make me reenter my position and go long
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@luissjp,

Right now, time is more important than price action. ETH follows BTC and Bitcoin has been moving sideways for 2 weeks. The last time it did that, it broke below 9.4K. Also, the crypto market is just a baby and it tends to look to bigger financial markets for direction. If the US stock market is in a strong downtrend, then crypto is very unlikely to be bullish. I expect the stock market to give crypto a direction very soon.
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luissjp madeinvietnam
@madeinvietnam, thanks for the well explain comment
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