Breaking News! Whales are dumping ETH, is there a market maker selling off? The Gartley pattern may trigger a reversal at the 1449 bottom!
Evening market analysis on April 13: $ETH is the Gartley pattern double testing the 1449 bottom?
After rebounding from 1670, ETH has been declining on low volume, direction is unclear, with obvious signs of both bullish and bearish traps. After observing over the weekend, the 4H trend line has broken down, and short positions have entered, currently up 30 points! Those who haven't entered can wait for a break below the 1566 resistance line to go short, targeting 1500 and 1449, with a stop loss at 1607, risk-reward ratio of 1.85.
Gartley pattern analysis: If the pattern completes, the reverse V shape may push point D to 1449, allowing short positions to gain 107 points! On the left side, one can set up long positions with a stop loss at 1418.66, targeting 1540.6 and 1596.9, with a risk-reward ratio of 3.39.
Market signals: Two days of rising with volume, declining with low volume, market makers suspected of selling off, whale dumping of ETH intensifies bearish sentiment, high probability of short-term bearish outlook.
This is merely market analysis and not trading advice.
