It is good to have railing at hand if one walks along the bridge, especially in windy conditions. With the price sticking for quite a time to the upper rail of a descending channel the situation is quite the opposite: one runs every minute risk of being seriously injured if not properly fastened with short positions safety belts. People behave the same when their brains feel either greed, panic or fear. However, there is the necessity to hear the delicious lunch smell even before hands washing.
So on the upper line of the channel for the 6th time in a raw the price has shown that there is no buyers space above it. The last rising wedge of the 8th bull trap has finally locked, we dare to suppose, the resistance level of 7625. The question is: Where do we stand now? Well, somewhere on a small shelf of Petit Drus cliff with no way to the peak and a 1-km abyss underneath. We might land at 3900 price of the descending channel lower line quite quickly. All the conditions are well prepared for a pleasant short flight.” The last chance for this sell-off scenario not to happen would be sudden massive buys from institutions but that is unlikely to be for plenty of reasons.
The Etherium large trap above 595 makes such a painful fall inevitable.
Simply the current price levels do not attract the injured and trapped buyers to re-enter the market with what is left of their capital.
Let us start thinking of the ultimate crypto currencies landing points.
ICBFs Asset Manager Alexei Fedorenko
