What's up, traders! In today's market breakdown, we're mapping out our latest levels to watch for on the ETH 30m chart.
Let's dive right in...
Ticker: ETHUSDT
Date: 05/10/23
Timeframe: 30min
Supply: 1875-1890 (1st red zone), 1915-1935 (2nd red zone)
Demand: 1780-1820 (green zone)
Commentary:
Major crypto as of 4PM ET stands exactly where it was before CPI data. Crypto has mainly followed the futures (ES and NQ) with price action today - rejecting supply levels to test major demand and then rallying back to break supply levels.
If major crypto is to continue following the futures, we are to see continuation on this move up. With the major pullback that we have seen since last Friday, the risk to reward also favors bullish bias.
With that in mind, however, we need to be option to trade all sides and there are a few scenarios we could target from here:
✅ Bullish Scenario 1: you want to see price pull back into the demand zone ~1780-1820 and buyers to emerge again for an upside move, possibly into ~1875-1890 supply or higher. This is the safer upside play.
✅ Bullish Scenario 2: you want to see price break above ~1875-1890 supply zone, pull back to retest this zone and turn it into demand to catch a break and retest for a further upside move, potentially into supply at ~1915-1935.
✅ Bullish Scenario 3: you want to see price rally and break both supply levels, pull back to retest ~1915-1935 zone and turn it into demand to catch a break and retest for a further upside move potentially into last weekend's highs.
🟥 Bearish Scenario 1: you want to see price move up and approach supply again at ~28650-28890, sellers to regain control and possibly catch a retest of this supply zone into demand at ~27660-27960 again. This will be the safer downside play.
🟥 Bearish Scenario 2: you want to see price break demand here at ~27660-27960, retest and turn this demand into supply, and find weakness again for a move into ~26500-27000 demand.
🟥 Bearish Scenario 3: you want to see price break demand at ~26500-27000, retest and turn this zone into supply for a further downside move into ~25300.
That's all we got for you in this one.
So what do you think? Are you bullish or bearish?
Let us know in the comments below!
We'll see you in the next one.
-The AlgoBuddy Team
Let's dive right in...
Ticker: ETHUSDT
Date: 05/10/23
Timeframe: 30min
Supply: 1875-1890 (1st red zone), 1915-1935 (2nd red zone)
Demand: 1780-1820 (green zone)
Commentary:
Major crypto as of 4PM ET stands exactly where it was before CPI data. Crypto has mainly followed the futures (ES and NQ) with price action today - rejecting supply levels to test major demand and then rallying back to break supply levels.
If major crypto is to continue following the futures, we are to see continuation on this move up. With the major pullback that we have seen since last Friday, the risk to reward also favors bullish bias.
With that in mind, however, we need to be option to trade all sides and there are a few scenarios we could target from here:
✅ Bullish Scenario 1: you want to see price pull back into the demand zone ~1780-1820 and buyers to emerge again for an upside move, possibly into ~1875-1890 supply or higher. This is the safer upside play.
✅ Bullish Scenario 2: you want to see price break above ~1875-1890 supply zone, pull back to retest this zone and turn it into demand to catch a break and retest for a further upside move, potentially into supply at ~1915-1935.
✅ Bullish Scenario 3: you want to see price rally and break both supply levels, pull back to retest ~1915-1935 zone and turn it into demand to catch a break and retest for a further upside move potentially into last weekend's highs.
🟥 Bearish Scenario 1: you want to see price move up and approach supply again at ~28650-28890, sellers to regain control and possibly catch a retest of this supply zone into demand at ~27660-27960 again. This will be the safer downside play.
🟥 Bearish Scenario 2: you want to see price break demand here at ~27660-27960, retest and turn this demand into supply, and find weakness again for a move into ~26500-27000 demand.
🟥 Bearish Scenario 3: you want to see price break demand at ~26500-27000, retest and turn this zone into supply for a further downside move into ~25300.
That's all we got for you in this one.
So what do you think? Are you bullish or bearish?
Let us know in the comments below!
We'll see you in the next one.
-The AlgoBuddy Team
Get Access to the exclusive QuantVue indicators: www.quantvue.io/
Join thousands of traders in our Free Discord: discord.gg/tC7u7magU3
Join thousands of traders in our Free Discord: discord.gg/tC7u7magU3
