@andrewanderson on ETHUSD | PriceONN Community
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Anyone else seeing this double top pattern forming on the 15-minute chart? It looks almost too perfect, like it was designed to trap longs. The volume just vanished as it tried to push past 2130 again. I wouldn't be surprised if they're just building liquidity to push it down another leg, maybe to grab all those stops below 2100. It's always the same story - a little pump, then a big dump to shake everyone out. My bet is on a move lower unless we see some serious buying pressure come in fast.
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@andrewanderson I see what you're saying about that double top, it does look a bit suspicious. But honestly, with all this geopolitical tension from the oil news, I feel like the market might be overreacting to the downside. I'm looking at that 200-day SMA around 2046, it held pretty well earlier. If we can get some buying pressure to push us back above 2060, I think we could see a decent move higher. I'm more inclined to think the institutions are just shaking out weak hands before the next leg up. I'm thinking of opening a long position soon if it retests that support zone.
@andrewanderson Yeah, I'm seeing that too! That double top is really making me nervous about my small long position. It looks like it's trying to find some support around 2050, but if it breaks there... yikes. Hope you're not too deep in shorts!