ETHUSD - MY BEARISH SCENARIO DESPITE ALL THE HYPE (TARGET 2100)
Updated
Yes I know it's bullish on paper but here's a contrarian idea to bring some perspective.
What's do we see? (follow the numbers on the chart)
1) The high that's the base of the resistance trendline.
2) A breakout structure that presents sellside liquidity (potential target).
3) A major consolidation that gives a lot of sellside liquidity which to me is a big driver of this bearish analysis.
4) This is a big breakout that led to a lot of hype. What if ETH breaks free from its Bitcoin chains? Well I don't believe it. Right now Bitcoin is still the driver of the crytpo market and that's just fact.
5) The high, aka buyside liquidity, that isn't random. It ended perfectly at the top of the weekly FVG. This to me justifies the consideration of a bearish scenario, ESPECIALLY because BTC is also bearish in my eyes.
6) A re-entry of the range. This is typical for most price action.
7) Liquidity taking. Those lows are just too attractive to not be taken out. But again who knows?
Anyways thanks for reading and happy trading! ;)
What's do we see? (follow the numbers on the chart)
1) The high that's the base of the resistance trendline.
2) A breakout structure that presents sellside liquidity (potential target).
3) A major consolidation that gives a lot of sellside liquidity which to me is a big driver of this bearish analysis.
4) This is a big breakout that led to a lot of hype. What if ETH breaks free from its Bitcoin chains? Well I don't believe it. Right now Bitcoin is still the driver of the crytpo market and that's just fact.
5) The high, aka buyside liquidity, that isn't random. It ended perfectly at the top of the weekly FVG. This to me justifies the consideration of a bearish scenario, ESPECIALLY because BTC is also bearish in my eyes.
6) A re-entry of the range. This is typical for most price action.
7) Liquidity taking. Those lows are just too attractive to not be taken out. But again who knows?
Anyways thanks for reading and happy trading! ;)
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