ETHEREUM - IF BITCOIN FALLS, ETHEREUM WILL FOLLOW (TARGET $1900)
As you might have noticed, the crypto market isn't doing so well (depending on which side of the table you're on) and the continuation of the correction is imminent. I've recently posted a Bitcoin analysis and I thought it would bring some value to do the same on ETH.
Here is my view on things:
What is on the chart? (Follow the steps)
1) November 2023 is illustrated by a large breakout structure that gave place to the continuation of the rally.
2) Following the breakout, a range was formed mirroring BTC. This range had everyone on their toes, impatient for a huge price swing upwards. This obviously never happened.
3) The manipulative false break. I'd like to put an accent on the Power of 3. It is essential price action theory that is elegant in its simplicity and accurate in its delivery. Step 2, 3 and 6 (spoiler alert lol) represent the 3 components of the Power of 3: accumulation, manipulation and distribution (respectively).
4) Some Ichimoku Kinko Hyo technicals to spice things up. We have a break of the daily Kijun and Tenkan + a crossover of the Kijun/Tenkan + a Kumo twist + a break and RETEST of the weekly Tenkan + the daily Chickou Span below past price. How many bearish signals/confirmations do you need!? I think that's enough.
5) Key breaking point (obviously what matters is Bitcoin, if BTC doesn't break, ETH won't either). I expect price to enter the daily FVG and then tumble. Again if BTC tumbles now then ETH might not even touch the FVG. I'd also like to mention a chart pattern that will satisfy the retail sphere since everyone likes patterns, right? ASCENDING BROADENING WEGDE or RISING WIDENING WEDGE or whatever else people call it nowadays. This is a bearish structure regardless of its name.
6) EQUILIBRIUM. Fancy way of saying the 0.5 level of the range. This is the entrance to discounted prices which is what we're looking for with any major correction.
7) The 0.702 level + a daily bullish order block which will also mean the sellside liquidity is taken out. All reversal conditions that characterise a bottom.
As always, I hope you enjoyed this analysis and that money will fall from the sky. Have a great day and happy trading!! ;)
Here is my view on things:
What is on the chart? (Follow the steps)
1) November 2023 is illustrated by a large breakout structure that gave place to the continuation of the rally.
2) Following the breakout, a range was formed mirroring BTC. This range had everyone on their toes, impatient for a huge price swing upwards. This obviously never happened.
3) The manipulative false break. I'd like to put an accent on the Power of 3. It is essential price action theory that is elegant in its simplicity and accurate in its delivery. Step 2, 3 and 6 (spoiler alert lol) represent the 3 components of the Power of 3: accumulation, manipulation and distribution (respectively).
4) Some Ichimoku Kinko Hyo technicals to spice things up. We have a break of the daily Kijun and Tenkan + a crossover of the Kijun/Tenkan + a Kumo twist + a break and RETEST of the weekly Tenkan + the daily Chickou Span below past price. How many bearish signals/confirmations do you need!? I think that's enough.
5) Key breaking point (obviously what matters is Bitcoin, if BTC doesn't break, ETH won't either). I expect price to enter the daily FVG and then tumble. Again if BTC tumbles now then ETH might not even touch the FVG. I'd also like to mention a chart pattern that will satisfy the retail sphere since everyone likes patterns, right? ASCENDING BROADENING WEGDE or RISING WIDENING WEDGE or whatever else people call it nowadays. This is a bearish structure regardless of its name.
6) EQUILIBRIUM. Fancy way of saying the 0.5 level of the range. This is the entrance to discounted prices which is what we're looking for with any major correction.
7) The 0.702 level + a daily bullish order block which will also mean the sellside liquidity is taken out. All reversal conditions that characterise a bottom.
As always, I hope you enjoyed this analysis and that money will fall from the sky. Have a great day and happy trading!! ;)
Comment:
Comment:
So far blocking on some resistance but BTC will decide.
Comment:
Comment:
HUGE FALSE BREAK
