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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Disclaimer
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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 ⚔️
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.