Hey Binance Fam,
ETHUSDT is currently caught in a triangle pattern, forming after the recent sell-off. The price is moving sideways below the key level of 3,500, and the price action is getting tighter and tighter. Usually, this leads to a breakout, but we think it might be a trap!
ā ļø A Potential Bullish Trap
We believe the price could break through the triangle pattern to the downside, falling by 5% to 8%. This initial drop might trick some traders into thinking it's a bearish trend, but we think this could be a fakeout!
š What's Next?
We believe the market will find support just above the 3,000 level. From there, we expect a bullish move towards the resistance zone around 3720.
What do you think?
Do you agree with this analysis? Share your thoughts in the comments!