ETH just had over an 8% liquidation hunt to the downside.
The chart on the left shows the zoomed out daily (with our two important trendlines) and the chart on the right is a zoomed in 2H chart showcasing the firesale wick we just printed.
This happened exactly as the clock struck 3:00 CT, so maybe it was news related, but I have not found anything yet.
What I do find interesting is the wick went EXCATLY to our trendline to retest it as old resistance flipped into new support. This has been a trendline we have been watching and was outlined previously in this post.
So far the selloff was eaten up very quickly and we are almost back to the same level where the dump started.
Therefore, was this just a liquidation hunt to wipe out overleveraged longs before some sort of approval?
The chart on the left shows the zoomed out daily (with our two important trendlines) and the chart on the right is a zoomed in 2H chart showcasing the firesale wick we just printed.
This happened exactly as the clock struck 3:00 CT, so maybe it was news related, but I have not found anything yet.
What I do find interesting is the wick went EXCATLY to our trendline to retest it as old resistance flipped into new support. This has been a trendline we have been watching and was outlined previously in this post.
So far the selloff was eaten up very quickly and we are almost back to the same level where the dump started.
Therefore, was this just a liquidation hunt to wipe out overleveraged longs before some sort of approval?