Is ETH in the early stages of it's Wyckoff accumulation?
Well, not many will agree with me here because most of market participants think the bear market is over.
I believe we have a long way to go, I'm just not sure if we've seen the top here or we get one more squeeze to $2k region.
But looking on the weekly the price closed below Range High so this weekly close will be telling.
Another close below Range HIgh will confirm a deviation and then the next target will be the Mid range.
My main target is still at $700 which didn't get tested yet.
Let's see how this ages.
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Well, not many will agree with me here because most of market participants think the bear market is over.
I believe we have a long way to go, I'm just not sure if we've seen the top here or we get one more squeeze to $2k region.
But looking on the weekly the price closed below Range High so this weekly close will be telling.
Another close below Range HIgh will confirm a deviation and then the next target will be the Mid range.
My main target is still at $700 which didn't get tested yet.
Let's see how this ages.
Follow, like the idea and feel free to leave a comment.
Check out other ideas if you like this one.
Comment:
Weekly back in the Range again.
Comment:
We have seen the liquidity grab to $1940 at that was a potential top.
Bearish confirmation would be if it starts to trade below Quaterly Open at $1820 and then back inside the range at $1780.
Bearish confirmation would be if it starts to trade below Quaterly Open at $1820 and then back inside the range at $1780.
Comment:
ETH didn't close below Quaterly Open, instead it squeezed higher.
Now August High is looking like an Automatic Rally so I updated the accumulation range.
Pricewise there are no changes, close back in the range would suggest that this run is over and that we can expect an aggressive 3 step decline.
3D candle opened today so it's still early to call it bearish, but it's not looking good.
Now August High is looking like an Automatic Rally so I updated the accumulation range.
Pricewise there are no changes, close back in the range would suggest that this run is over and that we can expect an aggressive 3 step decline.
3D candle opened today so it's still early to call it bearish, but it's not looking good.
Comment:
Something that could play out is that this 3D candle closes bearish in the range and chops for 2 days and then squeezes one last time to grap the liquidity and triggers late shorts. Keep that in mind and don't get bullish up there.
Comment:
Here is the updated chart so you can understand what I'm saying, since the original is not in the range yet:
