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I’ve seen this exact setup end in tears way too many times.
$ETH is playing a dangerous game around this 2,300 level. We just came off that double top rejection at 2,464 and the bears are definitely leaning on the price right now.
Look at those last few daily candles. Every time we try to bounce, the selling pressure kicks back in. We are currently sitting right on a local support shelf, but if 2,250 breaks, there isn't much to catch us until we hit the 2,130 zone.
The order book is showing a lot of buy interest at 2,302, but the volume on the green days is getting smaller and smaller. That’s usually a sign that the bulls are running out of steam.
I’m not shorting it yet, but I’m definitely not buying this dip until I see a strong reversal candle. Right now, it looks like it wants to test the lower range one more time.
Stay sharp because the next move is going to be fast.
#WCTCTradingChallengeShare8MUSDT