ETH is forming a new LL on 1hr TF
Updated
- FED rate hike in upcoming days
- A bad weekly closed
- ETH inflow to Exchange sky-rocket last week
- ETH is considered weak compare to BTC
- Weekly candle closed with a Bearish Engulfing, black Marubozu pattern.
- ETH and whole market in general tried to push back and claimed important level but got rejected every time.
- Finally, on the 1hr TF, several pairs of LH & LL formed. Market Structure keep the downtrend since 11th Sep
I still hold my previous prediction, ETH will continue downward until touching the daily OB that formed on 12th Jul.
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The longer we go sideway, the bigger the next move happens. Be on the profit side of the trade as we will never know which way the market will go. My bet is on the short side. What's your?
Note
FOMC decided 75bps. A high leverage squeeze candle form, then it is going down as predicted. See you at $1000.Note
We formed a lower low on H1 chart right after FOMC announcement and a lower high almost a day after that event.You might try to find a good entry for the short term bounce up (like we have every time we move from lower low to lower high in 1h chart), but I believe you will make much more if you only open short trades for this bear market or until ETH hit rock bottom at $500-$400 each.
By just looking at the chart without any eye candy indicators, we all can see the direction, the strength of the trend, we just choose to not believe it and we just choose to have a hope for the imaginary bounce up. I personally still have a bet on ETH will cross down $1000 mark within this week, may it be $888 or $555, i have no idea, but I 100% fill my bag full of ETH at $500 and forget about it.
Good luck traders!
Note
I would call yesterday up trend rally a bull trap. Crypto market just isn't strong enough to de-pegged from global market. You all know what happen after a trap, we will go to the other direction fast and furious. See you at $999.
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