ETH Rally High In? 1675 Target Buy
After an impressive move to the upside the crypto market is starting to show "signs" of weakness. This is a weekly bar chart and the grid to the right is splitting the entire bear run into 1/8 increments. The grid in the center of the chart is splitting our current rally up from 895 into 1/4 increments. The angles on the chart are simply speed lines correlated to the first push up off the bottom and decreased at 7.5 degrees from that high.
Looking at the current rally high price has stopped at the .625 retrace level, also a high volume area when price previously traded in this range, and 50% of the way between our speed lines. We also see our oscillators are at peak over bought and the daily is rounding over to the down side with money flow trending down.
This does not mean we will see a collapse but rather a worthy location to look for signs of weakness and currently they are presenting. With that in mind it take time to stop a moving train..... IF we are pushing down repeat liquidity grabs will be necessary to fuel large players short trades and sell orders.
Current trading plan is to target a retrace on this possible lower high and looking for a reaction at the high volume area of 1675 just above the 50% retrace mark sometime from Feb-April.
Trade Well.....
Looking at the current rally high price has stopped at the .625 retrace level, also a high volume area when price previously traded in this range, and 50% of the way between our speed lines. We also see our oscillators are at peak over bought and the daily is rounding over to the down side with money flow trending down.
This does not mean we will see a collapse but rather a worthy location to look for signs of weakness and currently they are presenting. With that in mind it take time to stop a moving train..... IF we are pushing down repeat liquidity grabs will be necessary to fuel large players short trades and sell orders.
Current trading plan is to target a retrace on this possible lower high and looking for a reaction at the high volume area of 1675 just above the 50% retrace mark sometime from Feb-April.
Trade Well.....