In order to invalidate the bearish scenario, ETH must move higher than Kijun Sen (red line) at 235$.
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If the bearish scenario is confirmed there is a potential huge move coming soon because there is a lot of hope right now. This sentiment is revealed by the number of long positions opened on Bitfinex that is more than 2.3 times the number of short positions.
Long positions: 480k ETH Short positions: 202k ETH
Here is the number of long positions on Bitfinex
Here is the number of short positions on Bitfinex
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Still waiting for an entry point. We might go higher.
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This bullish divergence on the daily timeframe still holds me back from shorting ETH.
Still waiting for more clarity before taking action.
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Another bullish signal is the break of the RSI trendline (4h).