#ETH ETH: This move went smoothly and banked 300 points. If the current move plays out, you can look to short again around 2510. Just short the rebounds; try not to go long. I opened my first long at 2439 tonight and didn’t even dare to hold it! If your short gets trapped, just add to bring down your average entry.
Now it’s a question of whether the weekly move will drive a monthly-level drop, or whether monthly support will hold. If the weekly downtrend plays out, this is only the first weekly candle so far. Three weekly candles could take it back to at least 1963! In that case, a monthly-level reversal that lures in longs before dumping would be terrifying. The second possibility is that this is the only weekly candle, and next week closes back around 2620. That would mean a high-level monthly consolidation, with the major drop postponed until after the New Year.
Two possibilities: no matter what the market manipulators do next, a short might get trapped, but it won’t wipe you out. But if you go long and a steep weekly-level drop hits, you may not even get a chance to exit. You could be looking at your funds going to zero.
Now it’s a question of whether the weekly move will drive a monthly-level drop, or whether monthly support will hold. If the weekly downtrend plays out, this is only the first weekly candle so far. Three weekly candles could take it back to at least 1963! In that case, a monthly-level reversal that lures in longs before dumping would be terrifying. The second possibility is that this is the only weekly candle, and next week closes back around 2620. That would mean a high-level monthly consolidation, with the major drop postponed until after the New Year.
Two possibilities: no matter what the market manipulators do next, a short might get trapped, but it won’t wipe you out. But if you go long and a steep weekly-level drop hits, you may not even get a chance to exit. You could be looking at your funds going to zero.