Tad bit bearish on $ETHUSD with potential target of $317.50

This is only a thought
It depends on many factors
Firstly how will DXY behave coming week?
Currently, DXY is printing a Leledec Sell (unconfirmed yet) on weekly. If the leledc stays, will there be some rise on DXY
If that happens, it likely will affect ETH. ETHUSD has little retrace for weeks now.

So if ETH retraces and bounces on the midpoint, then it is still bullish on the long run. However, it may cause lot of pain for many as ETH may be overextended and overleveraged.
So this short mainly depends on how week ends and starts.
In short, leldec sell is not something I take very lightly. It has resulted in large weekly red drops in the past.

So I am not longer bullish and rather tad bit bearish on near term ETHUSD

Yorum:

This setup is in serious profit if anyone has taken it

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