How ugly is Eth? Drunken hookup at a bar, ugly.
I’ve been kinda vacation ish as I have a shift in priorities, so I write when I can. Big news coming.
I wrote this elsewhere, so I’ll post it here to help some folks. As a general statement: we are maximum bearish, and nothing has changed. But, let’s start with some charts. First, here’s BTC trend.
Guess what’s changed? Nothing. Even a breakout wouldn’t be bullish here and I don’t expect it any time soon. So, number go down. Here’s 4h deciding factors, which are unchanged. We could pull a fake weekend pump (just to break the trend) and then die again.
But now, let’s get into ETH. Firstly, ETH.D — Eth dominance. Eth dominance has effectively nosedived, and is now trending downwards first — bigtime trend breaks.
Then, we have a prior H&S but wait! I’m not done yet, not for the #bearish perspective.
We also have a double top bigger than an adult film actress. Yep. Perky, but….two bearish bigtime signals in a row? But mah merge narrative?
Did I not warn people that Arthur Hayes wants you to buy when he wants to sell? I say this all the time. These people do not have your interests at heart. If they can convince another 1000 people to buy 1 eth, they probably make another 10% profit, easily.
Don’t forget to thank him for posting this one https://entrepreneurshandbook.co/eth-flexive-7e1921123f64 — literally a day after he exited, dumping on Binance. I bet if someone looks up on cryptoquant they can see the inflows from the days prior exploding. What did he end his speech with? Buy the dip.
How about no (to merge narratives). On a more macro perspective yet, it’s basically the start of the drop. What I want to point out here is #VOLUME . As in, notice a lack of it? Yeah. This baby has not had conviction since 4/2021.
It’s not new, either. You can see a nice big H&S here, showing how the minute the first shoulder came in, eth holders walked away entirely. Rest of y’all have been branded suckers.
How does this play out? Let me show you an example with CNYUSD. (Yuan vs USD, priced in USD).Great, ain’t it? I mean, great if you Forex, but not so great for China hitting a serious recession.
So, what does this look like for Eth? Note: this isn’t max #bearish, this is “retrace to technical bottoms”.
Wanna know why #Vitalik was pumpin the other day? Cause he can’t wait to buy at $80 again. In the meantime, Eth is goin down like China, but enough about his social life.
ref:
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