ETH/USD - BULL TRAP! Why I'm not buying ETH from $900-$950 ran
Updated
Here is an idea on ETH from studying the charts - this move looks soooo similar to the last bull trap... it is my (best) guess what will happen next, which is why I am not buying into any BTC breakout between 9.2k and 10k or ETH breakout from $900-$950.
Very similar move happening in BTC right now - chart from 6k drop and run-up looks similar to the move from 11k drop and run to 17k. Which ended in a huge bull trap. And remember ETH's last move to $1240 was the "delayed version" of the BTC move to 17k.
Thoughts? Happy to discuss. This is my opinion - and an idea - not financial advice.
Very similar move happening in BTC right now - chart from 6k drop and run-up looks similar to the move from 11k drop and run to 17k. Which ended in a huge bull trap. And remember ETH's last move to $1240 was the "delayed version" of the BTC move to 17k.
Thoughts? Happy to discuss. This is my opinion - and an idea - not financial advice.
Note
For now, ETH and BTC is acting exactly how I predicted and topped out at $940 and $9900 respectively - followed by a red candle pullback. If my prediction of a Bull Trap is correct, then we will not go past these prices again, we might touch them again, but not break them to the upside. If in case we break through that level of resistance and continue up, then I might consider revisiting this idea and change my mind. Until then, I stick to it.
I will update later. Happy trading.
Thoughts? Happy to discuss. This is my opinion - and an idea - not financial advice.
Note
So, BTC broke through 10k (barely) and retraced back to under $9900, where it is sitting now. ETH didn't go above $945 and selling volume has appeared. I think the above chart pattern looks spot on and I will keep to this idea for now. I think we will see a slow decline with lower lows and lower highs from here, followed by bigger selloffs. I could be wrong though, it is crypto, haha. Not buying here... Let's see how it plays out. Happy trading!
Thoughts? Happy to discuss. This is my opinion - and an idea - not financial advice.
Note
Both BTC and ETH is holding better than anticipated at these levels. At least for now. Still not bullish though.Volume is low and both BTC and ETH has started to see lower highs and lower lows since they topped out. If BTC can't hold 9200-9400 'ish level and ETH can't hold 900 level... I would expect a bigger sell off and the retracement back to $6000 and $550-600 to begin.
And yes, I think ETH is still very much dependent on BTC at this stage.
Not buying here... Let's see how it plays out. Happy trading!
Thoughts? Happy to discuss. This is my opinion - and an idea - not financial advice.
Note
Not changing my idea here. Target and timing might be a bit off, as it is moving slower than anticipated, but I believe the result will be the same. It might just be closer to $1000.Note
The pattern obviously changed and now looks a bit different. I did nail the top though. However it has been able to hold and go sideways at these levels for 5 days... waiting for breakout or downtrend confirmation here. Very risky! But I expect it to go down.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.