📊ETH: is top 1 altcoin make it? The whales pattern again!
Hi friends, today I will explain how to open a trade after a manipulation using the example of Ethereum and identify the closest targets.
🚩A few weeks ago I posted this idea without excluding a downside breakout. Long traders who were buying altcoin in a wedge became the fuel for the fall. After the bull trap, Ethereum fell by 39%. The global wedge did not work according to the rules of classical technical analysis this time and in the cryptocurrency market you need to learn to think outside the box.
What's happening now? Etherium is making a local triangle, which is very likely to break up after a 40% drop, but there has to be a bear trap first.
📊🐻The algorithm of the bear trap (manipulation):
1️⃣ A big player sacrifices some of his capital and pushes the price down.
2️⃣ The triangle breaks down and short traders open their positions to short, and long traders get scared and may close their longs, thus giving their liquidity to the big player.
3️⃣ Price returns to the triangle and then breakout it. Short traders start to buy back Ethereum to close their losing shorts, and long traders start to buy again, because they turned out to be right.
4️⃣ As the price rises, the whale sells off all of its altcoins and the price changes direction.
🐳WHALES ARE IN PROFIT AND RETAILERS ARE IN LOSS! THAT`S HOW IT`S WORK!
✅The key level. I marked the key level of $1,804, where the price can also fall. This is a very attractive level for the whales, under which a lot of traders' stop-losses are located.
In the first and second scenario, pay attention to the volume indicator as shown in the example. They should go up - this means that a big player has bought.
🎯The targets:
1. $2288-2450
2. $2770-2990
💻Friends, press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
🚩A few weeks ago I posted this idea without excluding a downside breakout. Long traders who were buying altcoin in a wedge became the fuel for the fall. After the bull trap, Ethereum fell by 39%. The global wedge did not work according to the rules of classical technical analysis this time and in the cryptocurrency market you need to learn to think outside the box.
What's happening now? Etherium is making a local triangle, which is very likely to break up after a 40% drop, but there has to be a bear trap first.
📊🐻The algorithm of the bear trap (manipulation):
1️⃣ A big player sacrifices some of his capital and pushes the price down.
2️⃣ The triangle breaks down and short traders open their positions to short, and long traders get scared and may close their longs, thus giving their liquidity to the big player.
3️⃣ Price returns to the triangle and then breakout it. Short traders start to buy back Ethereum to close their losing shorts, and long traders start to buy again, because they turned out to be right.
4️⃣ As the price rises, the whale sells off all of its altcoins and the price changes direction.
🐳WHALES ARE IN PROFIT AND RETAILERS ARE IN LOSS! THAT`S HOW IT`S WORK!
✅The key level. I marked the key level of $1,804, where the price can also fall. This is a very attractive level for the whales, under which a lot of traders' stop-losses are located.
In the first and second scenario, pay attention to the volume indicator as shown in the example. They should go up - this means that a big player has bought.
🎯The targets:
1. $2288-2450
2. $2770-2990
💻Friends, press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
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