Friday FOMO! How to make profit shorting ETH?And here we are again, after a restless week of persuing profits we enter a Friday FOMO. That magical day of the week where traders are extra pushy to close the week with some profit. What does that mean for you and me? Let's take a look at some market data. 🕶 📊
Monday (1st of March) the start of spring and the start of the week with its all-time-low at ETH $1410. For the major part of the week, the price was slowly recovering from last weeks "grand slam". Although this week's high remains at an uncontested $1657, the "average" price for this week remained around $1550. We have explored this phenomenon with my recent post - "How and why do we put ourselves into the numbers box?". Yesterday's post "Pattern breakout. Is ETH going down?" briefly touched on the opportunity for a breakout for ETH and it definitely did go down. So will the price go up or down? What does that mean for the rest of the week?
Historically, crypto price on Fridays does go up. This is due to pushy traders trying to hype the market so they could close their positions at the end of the day with extra profit. One does not need to be a prophet to foresee that it is likely to follow the same pattern today. US open (~1:30 GMT) is likely to push the price up and once positions are closed (around 5-7pm GMT) price is likely to continue to drop 🔻🔨
Today's technicals:
Position is short (Data Money fans with early access already know what to expect with the likely pattern for today and this weekend!)
Forecasted highs at ETH $1540 and unlikely $1600
Mid-way point moved up to $1510, meaning that it will be easier for pushy traders to move price there.
Forecasted lows at $1400, $1380 and likely to go all the way down to retest ETH $1350!
Have a happy Friday of trading! 🤑
If you would like to have early access to Data Money ETH technical analysis - write " ETH is going down and I know how to profit " or " ETH is going down and I want to learn how to profit " in the comments down below.
All other comments are also welcome, don`t be a stranger 😎🍸
