Short

Ethereum Bear Trend to Continue until mid 200s

Updated

Rising wedges galore! I think this is a classic example of sharp price fluctuation and rising wedges which follow them. Bulls were not able to push the channel upward and we had a clear M pattern double top at 400. I expect the bear trend to continue until the rising wedge profit target of roughly 235-250. Let's see what happens.

Trade active

Trade up 15% so far, pattern analysis shows eth bottoming at 235 to 250 at first with a recovery run to retest 280 or 300. After that, with confirmation from China, I believe it will be a crypto-wide sell off. I expect levels of support at:

235-250
200-215
135-150
85-100

Good luck out there, never HODL.

Trade closed: target reached

Closed at 224. Waiting for Another short opportunity or a buy opportunity. Right now, it is just too volatile to make smart decisions.

oshin11

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