ETH has broken a key support level and confirmed the weekly bear flag we have been eyeing for a few weeks.
The good news for bulls is we did not see many stops trigger under this level.
There was a solid bounce from the low to the tune of 3%, but BTC keeps just forming 4 hour lower highs.
With BTC consolidating, and the sector already sharing a bearish correlation, bulls dont have a lot going for them right now.
ETH is nowhere close to changing the daily trend bullish, so keep this in mind when establishing trade game plans.
Congrats to the bears who have recognized correlation and capitalized on the clear ETH weakness.
I personally would be waiting for a little bounce on the daily before entering any new short positions.
The good news for bulls is we did not see many stops trigger under this level.
There was a solid bounce from the low to the tune of 3%, but BTC keeps just forming 4 hour lower highs.
With BTC consolidating, and the sector already sharing a bearish correlation, bulls dont have a lot going for them right now.
ETH is nowhere close to changing the daily trend bullish, so keep this in mind when establishing trade game plans.
Congrats to the bears who have recognized correlation and capitalized on the clear ETH weakness.
I personally would be waiting for a little bounce on the daily before entering any new short positions.
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