Ethereum: time for an healthy retrace

ETH UPDATE: After a green weekend and a heavily overextended ETH and BTC it is time for a healthy retrace to the 0.618 or 0.5 extension. With ETH breaking 3K there was some regained euphoria (from retail investors) in the market where the market saw high volume at these (local) peak prices. As a pattern we can either see a M pattern forming or an head & shpulders. With the trading week starting tonight***; I expect a retrace or a healthy correction for the majors; especially ETH & BTC .

Confirmation will come in the next 24 hours and it is to be seen whether we are in for a real correction or just a retrace. For now I keep it to a retrace. However we are at crucial resistance levels for the market that will determine if we are in a bull trap or in a full market reversal. For me personally, I do not take bets and bagged some nice profit on Ethereum. The coming week will show us direction - see link to the idea below for a market-wide updates.

***(I actually posted this a few hours ago but accidentally in private - this new UX of tradingview is throwing me off sometimes)

IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.

Comment:

My bearish posts during bullish times never get many likes. Its because most people want prices go up — and up only. It is in human nature that people only want to believe what they want to believe — whether its true or not. If you are one of these people; go and read my linked post below: how trends always reverse. If youre a long term hodler however; get off tradingview and remove all crypto apps, and come back in 5 years. Happy trading week!

Comment:

Double retrace done for the week. Friday pump again? Could be possible!

Comment:

Market reversal confirmed: bulls have beaten the bears!