ssari

ETH.USDT (Y20.P4.E7).Price action explained

BINANCE:ETHUSDT   Ethereum / TetherUS
Hi,

Instead of looking at the small picture, I thought I now look at the macro and see what obstacles\resistance levels we are approaching soon and hence potentially were to sell and buy.
Similarly with BTC will be next for what I have seen is BTC and ETH are in sync when it comes to key levels, each with its own story.

Anyway, the chart below gives the whole story which I'm not going to put too much commentary, but just bullet points.
The chart is a close up of this macro chart.

Note the following on the charts:
- Overall approach > inverted BARR and "Bump and Run" strategy;
- Our midterm major resistance was the 0.618 macro fib level, perfectly. It almost matched perfectly with the inverted BARR structure as well.
Giving confidence that this TA is sound;
- Note how July resistance played out with the trend line . Do expect the same at the 0.618 major resistance trend line (newly established);
- Since we have the 0.618 fib level, it will also be the pivot point for setting up the major area for consolidation and resistance as per the orange highlighted area;
- I would expect a macro bull flag , similar to July, we would see a number of attempts. I would expect the first to be rejected. 2 or 3 attempts is likely;
- Since this area is a major area, I would expect a complex wave and hence why I think its wave 3 to 4 at the macro level;
- Point 5, I have not put much thought into it, but the next fib level has confluence with the previous highs and resistance in 2018;

That's all for now as it gives us or me, a plan action to track and respond;

Please give me a like or tick for this post.


Regards,
S.SAri



ETH.USDT overview
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Comment: Another perspective and why we have resistance at this level (C.Chart)
Macro still has upward pressure

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