There's one day left for this uptrend, the activity in the top reeks of profit taking, and the enviroment is that of a topping formation, with people getting very emotional and hyped about it, and complacent, and 'happy' with its progress.
Time at mode weekly setup time runs out in one day, at least consider selling if you're a holder.
Thank me later.
Time at Mode FX
PS: Contact me privately for consultation, mentoring or trading signals. See my profile for details.
Now, let's see how the day closes, and how it moves in the coming days.
I'd still look into getting out of longs if in.
I'm not in any position for now.
We might see new highs considering the recent price action.
See Tim West's publication on this subject for more information. This setup was more of a warning for longs to book some profit before a fall.
Clearly the sentiment extreme and the technical setup were correctly diagnosed.
Cheers to everyone who sold and shorted...and even more to those who flipped long at our exit!
The blue boxes are strong support levels, that can hold and defend price if bulls are still strong. If they are taken out, we can be sure of weakness in it.
The horizontal lines and smaller boxes, those are also important and could serve as support, but not as significant.
You can see examples of this timing method below:
(note the red vertical line...time runs out and it's when the downtrend accelerates)
After the last day, price went down.
After downtrend time ran out, price went up:
This would be akin to falling back to 0.002 (after target hit, back to the horizontal level where the uptrend started)
It's a possible scenario, which carries higher than 55% odds. Just a heads up for people holding ETH, you might want to be careful and look for an exit.
That's my goal with it. I see a lot of people are too confident in it, which makes me suspect this is the top or very close.