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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Weekly back in the Range again.
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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.
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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.
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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.
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Here is the updated chart so you can understand what I'm saying, since the original is not in the range yet:
Completely agree with your point of view, thanks for sharing!
averkie_skila
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And how do you determine the behaviour on the weekly chart? It's not closed yet.
Trader_CD
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@averkie_skila, just observing the PA which is showing some weakness. True, the weekly is not closed yet but if it does close inside the range, my thesis is on track.
averkie_skila
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@Trader_CD, The chances of closing week remaining in this range are very good.
@averkie_skila, if this was a bullish move it would be more agressive imo. Instead it looks like it's all perps driven since $1850. So expecting maybe one more push into to $1900-2000 to grab the liquidity and trigger Stops. Bearish confirmation would be if it starts to trade below quaterly open at $1820 and then back inside the range at $1780.