We can see from the chart that ETH has reached a point where it is unlikely to move much higher. We know this because we can take a 2 extension of wave 1 and notice that it also aligns with an important round level: 4k. This confluence makes a very strong resistance. We can also predict that since the next months are often boring and don't provide much movement that we might see a simple triangle or other low volatility pattern play out.
The goal of the triangle is to BORE YOU TO DEATH. Many holders will get tired of waiting for a pump and sell early. Don't be one of them. Either sell now and buy later or don't sell at all. (depending on your strategy)
Important note: Shorting is not advised since the price can possibly make a big wick to liquidate shorts. We will only take profits, not short.
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We think there was a little stop hunt and now price is moving as expected. This move up above is WHY we said do NOT short! It can liquidate on a move like this!
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We are looking at this as another potential resistance level from a chaos fib extension. Not a guaranteed top but something to watch at least.
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Also note, ETH/BTC came into the strong resistance. Confluence is key.
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Needless to say, the resistance held. Hold on for the ride down and DO NOT change your plan. If you sold, great. If you held, just keep holding.
@bowtrix, you got rekt so much, never TA again . happy liquidation. buy at 5k
Cryptomania2363
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@bowtrix, eth never going to 3500 Never ever again till infinity
bowtrix
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@Cryptomania2363, I like to see that so much. The very amazing emotional trader here with so much logic and reasoning. Have fun overleveraging your long trade at the very top when you become dramatically euphoric only to lose it all to liquidation!