ETHUSD - Accumulation Schematic - NOT Distribution Schematic
I've pasted the chart again below to be viewed without it being scrunched up by Trading View's platform in the cover chart for this publication.
The following link is an image to provide an example of one type of Wyckoff Accumulation Schematic #1: i.imgur.com/gcrmXTd.png
ETHUSD should be changed just like we changed BTCUSD from Distribution to Accumulation Schematic because we dropped from All Time High approximately 75%. I should have focused on higher Time Frames, like the 4-Day time frame, to determine the proper schematic and potential location within that schematic. ETHUSD should have been updated much sooner than now. I've simply been too busy with my mining room remodel.
It appears ETHUSD is still one month behind BTCUSD in regards to location within Accumulation Schematics. This can be easily seen if you compare charts; which see:
When transitioning from one Schematic to another after a major event, it can be difficult at times to determine "where" we may be within a new schematic and whether it will be accumulation or distribution. We have learned from experience here that a 70% + drop from All Time High definitely justified beginning a Wyckoff Accumulation Schematic. We would simply be challenged with the task to determine where Preliminary Support will be within that Accumulation Schematic to determine where an Automatic Rally should peak <approximately> near Preliminary Support level . Just like BTCUSD, the PEAK of the Automatic Rally in Phase A "confirms" our location for Preliminary Support as identified on both charts above.
We are currently heading down towards our first TEST in Phase B. I'm expecting us to continue down further despite this current bounce. Mainly due to the Phoenix ARI and Stochastic RSI indicators in the 4-Day chart below. I'm going with the "odds" of both indicators breaking below 80% level after coming down from 100% level will usually continue down to at least the 20% level or lower before sign of reversal.
It is said, "Phase B serves the function of “building a cause” for a new uptrend (See Wyckoff Law #2 – “Cause and Effect”). In phase B, institutions and large professional interests are accumulating relatively low-priced inventory in anticipation of the next markup. The process of institutional accumulation may take a long time (sometimes a year or more), and involves purchasing coins at lower prices and checking advances in price with short sales. There are usually multiple Second Tests during Phase B, as well as upthrust-type actions at the upper end of the Trading Range. Overall, the large interests are net buyers of shares as the Trading Range evolves, with the goal of acquiring as much of the remaining floating supply as possible. Institutional buying and selling imparts the characteristic up-and-down price action of the trading range.
Early on in Phase B, the price swings tend to be wide, accompanied by high volume . As the professionals absorb the supply. However, the volume on downswings within the Trading Range tends will diminish. When it appears that supply is likely to have been exhausted, the coin is ready for Phase C.
ETHUSD has just as much of a "possibility" to evolve into a Wyckoff Accumulation Schematic #2 i.imgur.com/54FyNdB.png as BTCUSD does. Keep in mind that ETHUSD appears to be approximately one month behind BTCUSD in regards to location of events and phases within the schematic.
Here is a link with further information on the EVENTS TO OCCUR WITHIN THE SCHEMATIC. It was put together well in a short synopsis of Wyckoff Schematics: stockcharts.com...school/doku.php?id=chart_s...
The purpose of this publication is to point out the change from Distribution to Accumulation. Charts with indicators will follow soon and continue as events occur.
The following link is an image to provide an example of one type of Wyckoff Accumulation Schematic #1: i.imgur.com/gcrmXTd.png
ETHUSD should be changed just like we changed BTCUSD from Distribution to Accumulation Schematic because we dropped from All Time High approximately 75%. I should have focused on higher Time Frames, like the 4-Day time frame, to determine the proper schematic and potential location within that schematic. ETHUSD should have been updated much sooner than now. I've simply been too busy with my mining room remodel.
It appears ETHUSD is still one month behind BTCUSD in regards to location within Accumulation Schematics. This can be easily seen if you compare charts; which see:
When transitioning from one Schematic to another after a major event, it can be difficult at times to determine "where" we may be within a new schematic and whether it will be accumulation or distribution. We have learned from experience here that a 70% + drop from All Time High definitely justified beginning a Wyckoff Accumulation Schematic. We would simply be challenged with the task to determine where Preliminary Support will be within that Accumulation Schematic to determine where an Automatic Rally should peak <approximately> near Preliminary Support level . Just like BTCUSD, the PEAK of the Automatic Rally in Phase A "confirms" our location for Preliminary Support as identified on both charts above.
We are currently heading down towards our first TEST in Phase B. I'm expecting us to continue down further despite this current bounce. Mainly due to the Phoenix ARI and Stochastic RSI indicators in the 4-Day chart below. I'm going with the "odds" of both indicators breaking below 80% level after coming down from 100% level will usually continue down to at least the 20% level or lower before sign of reversal.
It is said, "Phase B serves the function of “building a cause” for a new uptrend (See Wyckoff Law #2 – “Cause and Effect”). In phase B, institutions and large professional interests are accumulating relatively low-priced inventory in anticipation of the next markup. The process of institutional accumulation may take a long time (sometimes a year or more), and involves purchasing coins at lower prices and checking advances in price with short sales. There are usually multiple Second Tests during Phase B, as well as upthrust-type actions at the upper end of the Trading Range. Overall, the large interests are net buyers of shares as the Trading Range evolves, with the goal of acquiring as much of the remaining floating supply as possible. Institutional buying and selling imparts the characteristic up-and-down price action of the trading range.
Early on in Phase B, the price swings tend to be wide, accompanied by high volume . As the professionals absorb the supply. However, the volume on downswings within the Trading Range tends will diminish. When it appears that supply is likely to have been exhausted, the coin is ready for Phase C.
ETHUSD has just as much of a "possibility" to evolve into a Wyckoff Accumulation Schematic #2 i.imgur.com/54FyNdB.png as BTCUSD does. Keep in mind that ETHUSD appears to be approximately one month behind BTCUSD in regards to location of events and phases within the schematic.
Here is a link with further information on the EVENTS TO OCCUR WITHIN THE SCHEMATIC. It was put together well in a short synopsis of Wyckoff Schematics: stockcharts.com...school/doku.php?id=chart_s...
The purpose of this publication is to point out the change from Distribution to Accumulation. Charts with indicators will follow soon and continue as events occur.
Comment:
I was going through some very OLD charts from 2016 and found this Wyckoff Accumulation Schematic #1. I added a Text Bubble to it to point out some useful information:
Comment:
4-Day TF:
3-Day TF:
2-Day TF:
Daily (1440m) TF:
3-Day TF:
2-Day TF:
Daily (1440m) TF:
Comment:
90m TF: Blue LSMA still has a bit more room to come up to 80% level before reversal from upside to downside pressure.
180m TF on the right: Looks similar to BTCUSD. The Purple Ghost is already above 80% level. The Green Line currently at 58% level and climbing. Still a bit more upside pressure to go before reversal to downside pressure in the 180m TF.
180m TF on the right: Looks similar to BTCUSD. The Purple Ghost is already above 80% level. The Green Line currently at 58% level and climbing. Still a bit more upside pressure to go before reversal to downside pressure in the 180m TF.
Comment:
3-Day TF: ETHUSDT looks like there's a "chance" of going up.
It's so unclear though when looking at this 2-Day TF. I have NEVER seen the indicators look like this before. NEVER...
This indicator structure will be something for me to put into longterm memory for future for sure. Could be another 6 to 12 months before this type of structure occurs again but I will certainly put it in the memory banks.
It's so unclear though when looking at this 2-Day TF. I have NEVER seen the indicators look like this before. NEVER...
This indicator structure will be something for me to put into longterm memory for future for sure. Could be another 6 to 12 months before this type of structure occurs again but I will certainly put it in the memory banks.
I'm expecting us to at least go down to the mid to lower $400's. Yes, I have the Schematic in my chart drawn as Accumulation Schematic #1. I simply want everyone to keep it mind that's not confirmed yet. This may result in an Accumulation Schematic #2. Lets see where we go from here to help us determine that.