🚨🚨 Beware of Fake Pumps: Market Still in Bearish Control 🚨🚨
As you all know, the Strait of Hormuz has been closed by Iran, and I had already told you a long time ago that this war is not going to stop easily. It will continue continuously, and even if it does stop, the pumps you see in the market are only there to trap traders.
If the market really had to pump, it would have already done so much earlier. My expectation was that Bitcoin would most likely get rejected around the 79,000 area, but that didn’t happen. However, there was strong resistance around 78,000, which was important. The price tried to break that resistance but failed.
As you all know, after that, the news came out, and because of that news, the market dropped significantly. As you can see, I had previously shared a chart and explained that whenever the market is about to drop, it first creates a strong pump. During that pump, many traders get trapped, thinking that a bull run is starting.
But as you can see now, the market has dropped again and is following the same pattern as before.
Now, the key thing to watch is the weekly candle. If Ethereum closes below $2400, and especially if it closes below $2360 on the weekly timeframe, then in my view, ETH will drop sharply.
The rest depends on your own risk management. And if anyone needs guidance, they can contact me.
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