$ETH It's Monday, and today is crucial.
Will we rebound after hitting bottom, or break down through it?
We need to see an outcome today.
No one can say you're wrong whether you go long or short right now,
because either direction is possible until the outcome is clear.
But since we're placing a trade, we have to pick one.
Personally, I'm absolutely convinced we'll rebound after hitting bottom. And if the bottom holds this time, the rebound could reach at least 2400.
At this level, I wouldn't open a short position, because going long offers better risk-reward.
Even if the price moves down, it'll just be a long wick before quickly recovering.
The market loves to stir things up, deliberately faking a breakout to trap shorts.
The direction hasn't fully emerged yet, so anything is possible.
I'm firmly convinced that a rebound after hitting bottom is the most likely outcome right now, and this trend hasn't run its course yet.
If the price really is going to break down, it'll have to wait until the monthly candle rolls over. So I think this trend still has another week or two to run.
Will we rebound after hitting bottom, or break down through it?
We need to see an outcome today.
No one can say you're wrong whether you go long or short right now,
because either direction is possible until the outcome is clear.
But since we're placing a trade, we have to pick one.
Personally, I'm absolutely convinced we'll rebound after hitting bottom. And if the bottom holds this time, the rebound could reach at least 2400.
At this level, I wouldn't open a short position, because going long offers better risk-reward.
Even if the price moves down, it'll just be a long wick before quickly recovering.
The market loves to stir things up, deliberately faking a breakout to trap shorts.
The direction hasn't fully emerged yet, so anything is possible.
I'm firmly convinced that a rebound after hitting bottom is the most likely outcome right now, and this trend hasn't run its course yet.
If the price really is going to break down, it'll have to wait until the monthly candle rolls over. So I think this trend still has another week or two to run.
