Quick Short On ETH!

From our last bullish call on ETH, it went from 1085 to 1230! Over 13% :)

Now I'm expecting a temporary short on ETH to around 1130. Let me tell you how I arrived at that conclusion.

Looking at the 8hr chart on ETH, we can see it's coming up to resistance. Now there's also a bullish inverse head and shoulders pattern (drawn in green) but if that can't break the neckline (red rectangle 1230-1270) then I can see a decent rejection. We can also see there's a red diamond on the RSVP Extractor (my indicator) and the Stoch RSI is overbought. Looking at past history, the last 3 times this happened, ETH declined around 8% which coincides to 1130 from 1230. Therefore I'm taking a quick scalp short and expecting to cover half at 1130 and ride the rest in case we go lower. The next major support would be around 1050. If we end up breaking the neckline then that's extremely bullish for ETH and I would maintain the target of 1400 (per my previous idea).

TL;DR
-Shorting ETH to 1130 then expecting a bounce
-If we break the neckline, expecting at push to 1400 before rejecting

If you enjoyed my TA or had a question about the indicators used, please comment below or send me a DM :)