ETHUSD has formed a distribution top
The pattern at the top is a classical three drive distribution top formation. The double top to the left seems to be the top, but the market maker to drive through that formation one more time to sell their holdings to the short sellers who are covered at the high and the unsuspected speculators who are chasing the high.
After it broke down from the third leg, the price has encountered heavy distribution when it tried to trade back to the ICT bearish order block. This has signified to me that the bull trend is over for now. Until the traders are trapped at the highs are washed out, we are going to see price being capped below 1300.
I would be interested in selling the retest of another, smaller, ICT bearish order blocks when it retraces higher.
After it broke down from the third leg, the price has encountered heavy distribution when it tried to trade back to the ICT bearish order block. This has signified to me that the bull trend is over for now. Until the traders are trapped at the highs are washed out, we are going to see price being capped below 1300.
I would be interested in selling the retest of another, smaller, ICT bearish order blocks when it retraces higher.
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