Ethereum / BitcoinShort
ETH Weak VS BTC
Updated
Etheruem is looking extremely weak at the moment, we have just broken a ercent swing low and looking downwards towards the previous range.
I have a few levels below that give me confluence to believe that ETH will drop as well as many altcoins unless we absoultely find a bounce and soon.
Below you can find the Previous Range point of control marked in Blue.
We also have a weekly level which fueled the latest massive rally.
And lastly a long term upwards trendling dating back nearly 10 years to 2015, and it comes in perfectly with all the other levels making it a massive support zone.
This may mean signal BTC pulling away or maintaing its price level. Albiet, the candles below us would suggest a swift move to the downside as opposed to a slow bleed.
I will be watching this to be a potentiall accumulation period for ETH.
I have a few levels below that give me confluence to believe that ETH will drop as well as many altcoins unless we absoultely find a bounce and soon.
Below you can find the Previous Range point of control marked in Blue.
We also have a weekly level which fueled the latest massive rally.
And lastly a long term upwards trendling dating back nearly 10 years to 2015, and it comes in perfectly with all the other levels making it a massive support zone.
This may mean signal BTC pulling away or maintaing its price level. Albiet, the candles below us would suggest a swift move to the downside as opposed to a slow bleed.
I will be watching this to be a potentiall accumulation period for ETH.
Note
This is technical bounce zone for ETH. The reason I remain bearish is because the previous Value Area Low was already lost and retested. Unless this bounce brings us back into it, I believe the probability is more likely to test the liquidity and trendline below. Note
ETH found a nice bounce as I was prepared for. No trade at the momentTrade active
Looking to start building positions on ETH now! I have been accumulating at 3k, and would like to see the next big move start soon.
Good luck!
Note
Looking through this chart once again, it tells me 2 tales,
1. Potential reclaim of the value area high here from the previous range, which would be a bullish sign to trade the rotation to the prev range.
2. Perhaps we are going lower for an sfp of the poc , signalling one last pop for bitcoin before the alt season begins. This might be more likely to be the true bottom.
Note
what a compound on eth would look like
Note
Where I believe the resistance would sit here at the previous VAL, layered with the anchored vwap
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