EthereumLong
Ethereum/US Dollar — December 10th, 2022
In June as 3AC, Luna, and Co. came tumbling down crashing the market, Ethereum found a local bottom at $880. This number is a few dollars off depending on what exchange you’re using, it was a scam wick so that tends to happen. Anyways, huge level at $975 (which isn’t marked on this chart) that I took blindly on the 18th and played that move upwards. That pattern was seen as capitulation (marked red), followed by a scam wick to a catch by a God-tier level of support, which happened to be $1,041, bottom range of the green box. From here, we saw a short period of manipulation which is used by algo’s to try and stop you out of your position. If I had a stop loss throughout the month of July I would not have hit that trade, and by the time you check the charts, it’s too late.
This June capitulation move’s extension was played out to $1,995 and rejected off of there. Now, I marked that as a dashed line because that’s a 1st touch rejection and a typical occurrence for an asset coming out of a major sell-off / bear market, turning the tides. This is only seen if we’ve seen the bottom here on this November capitulation event that I’ll explain next.
In November, last month, we all know what happened and I know you’re tired of hearing about it too. This SBF capitulation event brought the spot price of Ethereum down to the God-tier level of $1,111 seen and respected in June. Now, if this is the last of the contagion, I’m sure you can agree with me that this is a double bottom formation with a higher low on this event although apparently CT was saying it’s going to get worse.
At the moment, my entry on this capitulation event whatever you want to call this, deviation, is $1,111 and I didn’t use a stop loss on this play either. We’re currently holding below this $1,287 level and I believe we should dance around it on the weekly open tomorrow night. From here if $1,111 continues to be respected and we keep stacking support levels, I’m expecting these TP1&2 marked out on my chart to play out. Again, just like June, I’m sort of expecting some weirdness around these levels as they are very touchy. Any serious close below $1,111 that isn’t a manipulation candle would send Ethereum straight to $788, but at the moment for some crazy reason I can’t help but to see this double bottom pattern. I’m expecting the same pattern as June to play out if we don’t see any more contagion.
Bitcoin's last bottom was 4-years ago in December 2018 and Bitcoin moves in 4-year cycles in tandem with the halving event. Today is December 10th, 2022.
I wish you all the best, cheers traders!
As always please do your own research, I am not a financial advisor and this chart is for educational purposes only.
This June capitulation move’s extension was played out to $1,995 and rejected off of there. Now, I marked that as a dashed line because that’s a 1st touch rejection and a typical occurrence for an asset coming out of a major sell-off / bear market, turning the tides. This is only seen if we’ve seen the bottom here on this November capitulation event that I’ll explain next.
In November, last month, we all know what happened and I know you’re tired of hearing about it too. This SBF capitulation event brought the spot price of Ethereum down to the God-tier level of $1,111 seen and respected in June. Now, if this is the last of the contagion, I’m sure you can agree with me that this is a double bottom formation with a higher low on this event although apparently CT was saying it’s going to get worse.
At the moment, my entry on this capitulation event whatever you want to call this, deviation, is $1,111 and I didn’t use a stop loss on this play either. We’re currently holding below this $1,287 level and I believe we should dance around it on the weekly open tomorrow night. From here if $1,111 continues to be respected and we keep stacking support levels, I’m expecting these TP1&2 marked out on my chart to play out. Again, just like June, I’m sort of expecting some weirdness around these levels as they are very touchy. Any serious close below $1,111 that isn’t a manipulation candle would send Ethereum straight to $788, but at the moment for some crazy reason I can’t help but to see this double bottom pattern. I’m expecting the same pattern as June to play out if we don’t see any more contagion.
Bitcoin's last bottom was 4-years ago in December 2018 and Bitcoin moves in 4-year cycles in tandem with the halving event. Today is December 10th, 2022.
I wish you all the best, cheers traders!
As always please do your own research, I am not a financial advisor and this chart is for educational purposes only.
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