Quick update on ETH - Bear flag?As I mentioned in my previous update, it looks like ETH is trading in a bear flag. It looked somewhat decent after the bounce from 2.5k yesterday but now it's stalling and moving slow, which is typical for a bear flag. Still think we will see one more push towards 3k later this week but it could also drop down from here.
Anyway, assuming we are in a bear flag one should wait for either of these scenarios:
- Break of the bear flag and wait for a bottom, which should be around 2.2k in this case
- Wait for a final touch of upper resistance and go short
You really don't want to trade the price action within a bear flag, as it's completely random - And you don't want to short the breakdown, as it just could move back inside for a stop hunt.
So either trying to catch a bottom AFTER breakdown or wait for the upper bounds and go short, which should be around 3k.
Stay safe!