Possible bear flag on the 4HR could take ETH to 2800. I would just spot trade this idea. I still expect ETH to reach new ATH perhaps as soon as this summer. Not financial advice, I am not an accredited financial advisor.
We've seen a few of these recently so it may play out again. We've had a few days of green candles so it's more likely we come down to retest 45k or lower before moving back up again. Shorts on Bitfinex whale den spiking right now so it's likely they're thinking the same.
Bitfinex shorts spiked massively in the last few hours. Bitfinex is a known whale den. They know something we don't either in the charts or news that's yet to be released. Expect a drop to 37, 36k or lower.
Normally this is a bearish pattern but since we're oversold on many timeframes and we've just been falling for a few days, looking for a bounce from here. Bounce to 47.8k
Update since our last successful identification of the teepee breakout formation. Smoke doesn't always descend straight up, sometimes it travels with the wind. Bounce at 55,600-55,800.
Here is my chART. I have 1 day professional experience in TA. We can see here a bullish teepee formation where the teepee was set alight by thunder which means the smoke from the fire can only go up, not down. Target is 57,000 USD.