ETHUSD Short setup

Looks like we got rejected from the previous support turning into resistance, seems like crypto is still very correlated to the S&P although we have a much sharper rise on the crypto side of things.

With the Bitcoin halving coming up, I expect the hype to serve as fuel for the price. That being said I do believe we are overdue for a correction after this 160%+ parabolic rise but a healthy continuation post-halving. I would atleast consider taking some profits if you are currently in a long position. As a safety precaution I'd advice trading only once price breaks below this parallel channel as we know crypto to be quite unpredictable. I wouldn't bet too much on it breaking the 200 MA as we are in a bull trend so my TP is set @180. Cheers and good luck.

Feel free to share your thoughts!