EthereumLong
MY MINIMALIST CHART ANALYSIS FOR $ETHEREUM
Updated
ETHEREUM - ETHEREUM ON A DAILY CHART5.25.21 1323H +8 PACIFIC
AN UPDATED ANALYSIS OF POST
BTC MAJOR DIPMY PRACTICE MINIMALIST ANALYSIS
ENTRY AND EXIT POINTS FOR A SWING TRADE
USING RANGE BOXES AND FIBS (NO INDICATORS)
DISCLAIMER:
Run your Fibs at all times to verify
price action corrections and extension
levels. The Range boxes by themselves are
used as confluence to The Dynamics of
the Market.
Check pattern formations and candlestick
formations if you wish.
WARNING:
This is not a piece of financial advice
and is purely based on my personal trading psychology,
risk appetite, and trading strategies that are applied in real-time.
Forecast of Areas of Value is purely based on the plausibility of what the market can do
(corrections and retracements.)
I am just a student and still learning:
1) I am being trained to analyze as a minimalist and
with no use of indicators.
2) Only to open a trade on what I see
and to forecast what I think the market will do,
based on several factors it has done in the past.
3) I am being trained to SPOT and go for LONG SWINGS of an UPTREND.
I do not SHORT for the sake of THE DUMB-MONEY like me.
TRADE CAUTIOUSLY! YOUR INVESTMENT IS AT RISK!
Note
REASONS FOR AN ENTRY Note
BACKGROUND ON A WEEKLY CHART: The Market was going too high with no structure. Each day FOMO territory was growing stronger. The Market had to correct, and it did at a range of normal corrections based on FIB Levels.ANALYSIS DONE ON A DAILY CHART
1) A Huge Sell-Off/SHORTING either by whales or closed leverages going beyond the threshold of 50% (May 20's), That wiped out all the buyers who entered starting April '21. Thinking that price action would make a Higher High after a 0.382 correction.
2) The Buyers came in during 5 Major and Minor Dips and succeeded in pushing prices back up.
3) Buyers took control of the May 24 Major Dip which also bounced back up the KEY SUPPORT AREA OF A GAP.
4) It was then followed by a Bullish Bar that had opened at the close of the last Major Dip of May 24 '21.
5) My Initial Entry was at the KEY SUPPORT AREA OF A GAP with a very tight stop loss.
6) My Second Entry was May 24 '21 when the bar opened at the close of the Major Dip with a very tight stop loss.
7) Third Entry would be a LIMIT ORDER at the 0.382 corrections of the Lowest Low Made (Still in Progress.)
8) I am always after an AB=CD Pattern which I am currently monitoring.
9) I am always after DOUBLE BOTTOMS and MEASURED MOVES.
TRADE CAUTIOUSLY and HAPPY TRADING
Trade active
VOLUME IS SO LOW Can either be an ABCD pattern UP or DOWN Note
Got pushed back up at 0.382 FIB. Will it continue down to 0.618 Level? Volume is low despite that Supply is High. Trade active
LOOKING AT A 0.786 correction, followed by an ABC Reversal Pattern Price Action is Bullish for the past days. Trade active
3 HOURS ON COUNTDOWN TIMER BEFORE CANDLE CLOSESSExpectations.
1) Must retrace at $3172 for a double bottom/ measured move.
2) Volume at mid level and not oversold.
3) Expanding Price Action. Still UPTREND BIAS.
4) Promising AB=CD Pattern having corrected at 0.618 Fib Levels.
5. On the other side, it has reached an almost double top, which can cause panic selling or profit taking from BUYERS at 2100 entry zone.
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