ETHBTC Weekly Candle Close| Support Zone| Price Action
Today’s Technical Analysis – ETHBTC – testing a weekly level with an important candle close
Points to consider,
- Weekly structure
- S/R flip
- Volume below average
- Structural resistance
ETHBTC is testing an important weekly zone that must remain as support to further solidify the S/R Flip.
A bullish candle close (hammer candle) on a weekly structure will show strength in price action.
It has held previously, leading to an impulse move into structural resistance.
The volume at current given time is trading below average, similar at previous hammer candle closes.
Bull volume needs to increase for follow through, price has been declining for the past 3 weeks, a relief rally will at some point be imminent.
Overall in my opinion, a candle close above the support zone is quite bullish especially on a weekly time frame. If price breaks support zone, this will mean breaking structure, lower levels at previous double bottom will then be targets.
What are your thoughts?
Please leave a like and comment,
And remember,
“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.” - Paul Tudor Jones
Points to consider,
- Weekly structure
- S/R flip
- Volume below average
- Structural resistance
ETHBTC is testing an important weekly zone that must remain as support to further solidify the S/R Flip.
A bullish candle close (hammer candle) on a weekly structure will show strength in price action.
It has held previously, leading to an impulse move into structural resistance.
The volume at current given time is trading below average, similar at previous hammer candle closes.
Bull volume needs to increase for follow through, price has been declining for the past 3 weeks, a relief rally will at some point be imminent.
Overall in my opinion, a candle close above the support zone is quite bullish especially on a weekly time frame. If price breaks support zone, this will mean breaking structure, lower levels at previous double bottom will then be targets.
What are your thoughts?
Please leave a like and comment,
And remember,
“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.” - Paul Tudor Jones
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