$ETH daily is flirting with 100 MA under serious pressure of Monthly and Daily candles. If ETH closes tomorrow around 2300 or lower, it would print a strong bearish monthly candle, typically followed by a multi-month bear market.
On May 16 I did “expect a min retrace of 23-38% (3350-2700). Probability of a deeper one – 50-62% (2200-1700) is rather high. ” So far, as prescribed.
I hope to get many questions answered tomorrow, once the monthly candle is formed and will try to share my monthly take on the coin soon after.
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Previous Weekly Analysis:
The call on May 16: