Evening Traders,
Today’s second analysis – ETHUSDT- consolidating under key resistance where a breakout is probable upon increasing volume,
Points to consider,
- Price Action Impulsive
- Weekly S/R Resistance
- Daily S/R Objective
- Oscillators Extending
- Volume Increasing
- VPVR Low Transactions
ETHUSDT’s immediate price action is impulsive, breaking key Local S/R. Price action is currently trading below Weekly S/R, breaking this level will allow us to maintain out bullish bias on the market.
The Daily S/R is current objective; price action is likely to reach this level due to low volume of transaction – reflected by the VPVR.
A rejection from the weekly S/R will increase the probability of back testing Local S/R; this will confirm an S/R Flip Retest. It’s also important to note that this area is also in confluence with the POC.
Both oscillators are over-extended; a reversion to their mean is probable which will coincide with a pull-back in price action.
The volume profile is increasing; this needs to sustain for further follow through in price action.
Overall, in my opinion, ETHUSDT is a valid long above Weekly S/R; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
The goal of a successful trader is to make the best trades. Money is secondary. – Alexander
Today’s second analysis – ETHUSDT- consolidating under key resistance where a breakout is probable upon increasing volume,
Points to consider,
- Price Action Impulsive
- Weekly S/R Resistance
- Daily S/R Objective
- Oscillators Extending
- Volume Increasing
- VPVR Low Transactions
ETHUSDT’s immediate price action is impulsive, breaking key Local S/R. Price action is currently trading below Weekly S/R, breaking this level will allow us to maintain out bullish bias on the market.
The Daily S/R is current objective; price action is likely to reach this level due to low volume of transaction – reflected by the VPVR.
A rejection from the weekly S/R will increase the probability of back testing Local S/R; this will confirm an S/R Flip Retest. It’s also important to note that this area is also in confluence with the POC.
Both oscillators are over-extended; a reversion to their mean is probable which will coincide with a pull-back in price action.
The volume profile is increasing; this needs to sustain for further follow through in price action.
Overall, in my opinion, ETHUSDT is a valid long above Weekly S/R; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
The goal of a successful trader is to make the best trades. Money is secondary. – Alexander
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.