So recently, ETH broke our previous point of short positions. Currently ETH is trading just below the major resistance and haven't tested it. There could be two scenarios,
Scenario No.1 ETH my come down from the current position without testing the resistance as most of the traders are waiting for the retest of the resistance to open short positions. Plus bulls might have TP's over the resistance area. Both cases are favourable for dump at current positions. However,
Scenario No.2 might be the retest of the resistance area plus a fake out to trap more bulls and takeout bears, and later coming down again and taking a dip.
So we have to be careful, this seems like a fake bubble and it gonna burst soon. Good luck traders and keep supporting for further analysis, Thanks
Scenario No.1 ETH my come down from the current position without testing the resistance as most of the traders are waiting for the retest of the resistance to open short positions. Plus bulls might have TP's over the resistance area. Both cases are favourable for dump at current positions. However,
Scenario No.2 might be the retest of the resistance area plus a fake out to trap more bulls and takeout bears, and later coming down again and taking a dip.
So we have to be careful, this seems like a fake bubble and it gonna burst soon. Good luck traders and keep supporting for further analysis, Thanks