ETH: Likely Still in Distribution and This Could Be Bull Trap

Hi Everyone! Simply wanted to point out the 2-Day and 3-Day time frames < for both ETHUSDT and ETHBTC > look quite bearish still to me. Yes, I know we currently see the price action going up from the white lower b-band to the Yellow B-Band Basis in the 8-hour. However, we should not be doing that with the Red Line well below white level 30 at present. Yet, we are going up toward the Basis; which means we are currently OVER-EXTENDED UP. This should always be held suspect of being a Bull Trap; when we see over-extension of price action like we see now in the 8-Hour time frame.

It may still take a little time before we actually see the price action begin to go down dramatically though. Why? We may have to wait for the Red and Blue Lines BOTH to get below Yellow Level 50 in the 5-Day, 6-Day and Weekly time frames; as pointed out in the video. The Red and Blue Lines are both VERY CLOSE to going below level 50 in the 5-Day, 6-Day and Weekly. So, we may have to wait a few more days before we see increased odds of a substantial stage 1 expansion down event in the 5-Day, 6-Day and Weekly time frames. Does this mean we will not see a significant move down until the next Weekly Candle? No.... Why? Because it is possible to get over extension down in higher time frames (5-Day, 6-Day and Weekly) in similar fashion to the over extension up we are currently seeing in lower time frames (8-hour time frame).

I hope this opinion is helpful.

Happy Trading and Stay Awesome!

David

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UPDATE:

NOTE: The indicators for the 2-Day and 3-Day time frames still look quite bearish. So, please be careful assuming we are in accumulation at present.

ETHUSDT Near Term Group of time frames (12-Hour, 24-Hour, 2-Day, 3-Day, 4-Day, 5-Day, 6-Day and Weekly):

ETHBTC Near Term Group of time frames (12-Hour, 24-Hour, 2-Day, 3-Day, 4-Day, 5-Day, 6-Day and Weekly):

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UPDATE:

3-Week Time Frame:

GRAY TEXT BUBBLE: We see "both" Red and Blue Lines BELOW White Level 30. We also see our White Energy falling
and the Green Line falling in this 3-Week time frame. The odds are quite high for CONTINUED
expansion of the B-Bands with price action going DOWN "with" this expansion. We still have
20-Days remaining in the current 3-Week candle. So, we must be cautious when opening long
positions against the current downward pressure trend suggested by the Phoenix Ascending
indicator for the 3-Week time frame.

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UPDATE:

Here is 2014 Distribution for BTCUSD. The PURPOSE of sharing this screenshot of 2014 Distribution is to point out it is COMMON to see a "Sign of Weakness" in Phase D; followed by an "Up-Thrust" event; followed by a "High Low" event; followed by an "Up-Thrust/Last Point of Supply" event; before seeing multiple "Last Point of Supply" events in Phase D before falling down with a "Sign of Weakness" event in Phase E of Distribution.

PRESENT DAY < for ETHUSD > We have seen a Sign of Weakness in Phase D; followed by an Up-Thrust; followed by a Higher Low; followed by an Up-Thrust/Last Point of Supply in PHASE D. We have yet to see another Sign of Weakness; which would mark Phase E of Distribution.

NEXT CHART of 2018 Distribution for Bitcoin provides an example to point out it is POSSIBLE to see MULTIPLE "Up-Thrust/Last Point of Supply" events in Phase D; before falling further down with a Sign of Weakness in Phase E.

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UPDATE:

A "Sign of Weakness" in Phase E would require price
action to fall between 0.5 and 0.618 Fib Retrace
between $646.46 and $399.96.