Ethereum for BINANCE:ETHUSD by ChrisJTradesFX

Updated

I'm finding myself gravitating more towards this crypto over Bitcoin, and that's mainly due to Ethereum's price. I'll explain my chart along with what I'm anticipating.

What am I anticipating?

Price is currently breaking a key lower-high on the weekly, which happens to also be the same area as the monthly (key) lower-high. Once that bull candle closes pass those levels at the end of today then the weekly turns bullish.

Normally, price would run into an old key area in order for the retracement phase to begin. I'm looking for bull continuation to spike the A.T.H. and $5000 price point followed by a correction right into my area of interest (A.O.I.).

Do I have a "special" price within the A.O.I.?

I actually do! $2400.

In conclusion, I'm merely a spectator until the bears enter the market to drive price down, and if that doesn't happen due to bull momentum, I'll readjust.

M - 🐻
W - 🐻 *If today's candle closes above the key LH, it turns 🐂*
D - 🐂
H4 - 🐂

Note

Weekly candle closed above the key LH. I'll now wait to see a HL broken on the H4, which will then tell me that the retracement phase has more thank likely begun.

Note

ETH's price is on the sell-side. Daily.

Note

Looks as if price is forming a "sweep of liquidity" to head to the downside. H4 perspective. 👀

Note

Yesterday's bear movement was a sweep of equal highs.

Note

Everything I've been talking about is currently happening with this crypto. It's melting! I'm just waiting for it to reach my A.O.I. and I'll react.

Note

I'm looking for price to come back around the range below 👀👇🏿

Retracing process.

Range - $3300 - $3475

Sweet Spot - $3388

We all shall see..

Note

This bear price action can be the start of the new bear leg to head further down. If that were to take place, I would look for it to reach my area of interest (A.O.I.).

Let's see how this plays out.

Note

Price is hovering right above the beginning of my A.O.I. 👀

Note

P.A. is on the sellside from the daily perspective once it candle closes below $3400.

Note

The H4 is now on the sellside, and if the daily candle closes below the $3380 price point by today, it'll also be on the sellside.

Note

I'm projecting price to go under 3K.

P.S. I plan to create a new updated idea of ETH & BTC very soon. 👀

Note

This theory is contingent on how this current weekly candle closes, which is two days from now, but if it closes big body bear I'll look for the new week to officially begin the needed retracement.

Corrections are good for healthy market structure!

Note

It's about to reach my A.O.I. 👀

Note

P.A. closed bullish engulfing H4 in my A.O.I. 👀👀

Note

I'll look for the H4 EQ lows to be swept before further bull movement continues.

Note

I don't believe that the bears are done with price at this moment. HTFs will show that this current price action is moving in corrective form.

I'm projecting that price can potentially get as low as $1933, and I'm being specific with that projection.

I can be wrong, but we all shall see. 👀

Note

I'm anticipating a small rally up to the $3,100 price point, followed by the bears taking back over afterward.

ChrisJTradesFX

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