The entire backbone of this trad idea is based on current weekly structure on the majority if not all alt coins.
What is the general weekly theme across the majority , is most currently got rejected of off , a weekly rejection block, in the case of ETH price spent the whole of September till the end of October consolidating forming the base that propelled price into 1650 , both filling the liquidity void and retesting the bearish order block (1655/1660), fastforward now into our current price action and structure ,eth has currently bounced higher , rejecting on a weekly time frame at this rejection zone/mitigation block area (1250/1350).
On the lower time frame in my opinion price action gives the impression that there is high likelihood , we bounce off of the .618 retracement which is inconfkuence with a bullish rejection zone that's unlikely to get broken on the first attempt, UNLESS DXY CONTINUES RIPPING and yields start spiking higher again ( then expect a decent size pullback), but as of right now I'm expecting/hoping for things to play out as follows , trap shorts , push higher , sweep the he beautiful looking equal highs @1297/1305, hunt all the stoplosses above (triggering the buy side liquidity) to sell into and hopefully sweep the lows .
This is just an idea and for entertainment purposes only
What is the general weekly theme across the majority , is most currently got rejected of off , a weekly rejection block, in the case of ETH price spent the whole of September till the end of October consolidating forming the base that propelled price into 1650 , both filling the liquidity void and retesting the bearish order block (1655/1660), fastforward now into our current price action and structure ,eth has currently bounced higher , rejecting on a weekly time frame at this rejection zone/mitigation block area (1250/1350).
On the lower time frame in my opinion price action gives the impression that there is high likelihood , we bounce off of the .618 retracement which is inconfkuence with a bullish rejection zone that's unlikely to get broken on the first attempt, UNLESS DXY CONTINUES RIPPING and yields start spiking higher again ( then expect a decent size pullback), but as of right now I'm expecting/hoping for things to play out as follows , trap shorts , push higher , sweep the he beautiful looking equal highs @1297/1305, hunt all the stoplosses above (triggering the buy side liquidity) to sell into and hopefully sweep the lows .
This is just an idea and for entertainment purposes only
