The Schematic seems to be holding true for the moment.
ETH seems to be ahead of BTC's schematic at the moment.
ETH has seen its SOW(Sign of Support) and is possibly in Phase E(Down Trend)
What to look for next? Wyckoff Accumulation Schematic (Bullish).
Preliminary Support(PS): Initial buying pressure slows the downtrend.
Selling Climax (SC): Sharp decline with heavy volume as weak hands sell.
Automatic Rally (AR): Price rebounds as selling pressure eases. This could be a nice area to look for a scalp.
The alternative theory is that we have already seen a PS instead of a SOW and this could be the SC.
Time will tell and hopefully our indicators can give us a cleared path forward.
You might need to drop down to lower timeframes such as Daily to see things more clearly such as PS, SC and AR.
Remain adaptable in your analysis.
ETH seems to be ahead of BTC's schematic at the moment.
ETH has seen its SOW(Sign of Support) and is possibly in Phase E(Down Trend)
What to look for next? Wyckoff Accumulation Schematic (Bullish).
Preliminary Support(PS): Initial buying pressure slows the downtrend.
Selling Climax (SC): Sharp decline with heavy volume as weak hands sell.
Automatic Rally (AR): Price rebounds as selling pressure eases. This could be a nice area to look for a scalp.
The alternative theory is that we have already seen a PS instead of a SOW and this could be the SC.
Time will tell and hopefully our indicators can give us a cleared path forward.
You might need to drop down to lower timeframes such as Daily to see things more clearly such as PS, SC and AR.
Remain adaptable in your analysis.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.