$ETHUSD Ethereum SHORT- Breakdown of BEAR Flag Target 1= $1800

This is more of the same. Every chart in crypto looks like Dog Sh*t. Big Downtrend channel with big BEAR Flag forming and now $ETHUSD breaking down out of Bear Flag. This Target Price of this breakdown = $1286.75, but that is probably a bit too optimistc given all the HEAVY Support around $1800. Plan to take large majority of this trade off at ~$1800 and reevaluate from there where I would expect a BIG Bounce.

1st Support zone around $1951-$2000 range.

SHORT Entry @ $2944.57

(Entry was timed on 2 HR chart prior to the break down based on Candlestick breakdown)

Transaction en cours:

May get a bounce up to $2920 level as a retest with another chance to SHORT for those so inclined. I will NOT be adding to this position as I am already heavily SHORT the crypto market in general

Commentaire:

Is it me or does something feel like its about to BREAK?. The charts just keep getting uglier to me. Maybe when the markets open tonight this will change but right now there seems like little positivity to see in charts.

I would love nothing more than for crypto to become BULLISH again but I just dont see it. All I see are trend lines and Bear Flags being broken and rejections off resistance zone.

Commentaire:

Only 90 Min left in trading day and WEEKLY candle. Do not expect much more to happen today. I will be looking for a retracement to the downtrend line resistance and EMA 39 as they are likely to be tested before proceeding lower toward $1951 as 1st Target.

I am expecting some big moves later this week most likely after Tues.

Either yellow arrow is possible but I favor a retest as the likely event.

Commentaire:

Covered SHORTS for a moderate profit and will reenter once we retest the resistance again. It appears we will retest $3000 range before dropping futher.