ETH short #ETH
Hi everyone!
We had an interesting week.
The market finally moved significantly.
What's now?
As of now we don't know yet if this is (was) a bear market rally - aka short squeez - or an upside break.
Until proven, I stay with the general market structure (ranging > shot resistance, long support).
Short idea reasoning:
1) Price at HTF resistance
2) LTF weakness in PA (descending triangle)
3) RSI up momentum is fading
4) (Demand) testing the lows of the "god candle" - highest volume candle
5) Clear invalidation
+and if this move was a change in the market structure, then a breakout retest is a reasonable expectation (previous ath, significant monthly close)
After that who knows, but the level just mentioned is the key:
A) Acceptance, and we should see higher prices
B) Break below after this rally, and we should see lower prices
As always,
GL & HF
We had an interesting week.
The market finally moved significantly.
What's now?
As of now we don't know yet if this is (was) a bear market rally - aka short squeez - or an upside break.
Until proven, I stay with the general market structure (ranging > shot resistance, long support).
Short idea reasoning:
1) Price at HTF resistance
2) LTF weakness in PA (descending triangle)
3) RSI up momentum is fading
4) (Demand) testing the lows of the "god candle" - highest volume candle
5) Clear invalidation
+and if this move was a change in the market structure, then a breakout retest is a reasonable expectation (previous ath, significant monthly close)
After that who knows, but the level just mentioned is the key:
A) Acceptance, and we should see higher prices
B) Break below after this rally, and we should see lower prices
As always,
GL & HF
Trade closed: stop reached:
stopped out