ETH Technical analysis & Next moves 1st Quarter!
Updated
Greetings and Happy new Year fellow Investors Traders and ofcourse beez!
In our today's post we will analyze ETH next moves in the upcoming months (Q1), taking into account all technical factors that may affect the price behavior and consequently price volatility . As we can observe on the chart, there are 3 possible scenarios that might play out based on our analysis. Since Mid-July, there is a HUGE Bullish Orderblock, around the area 1090$ - 1035$. As long as we stay above these levels, everything looks positive and we are safe and sound.
IMPORTANT: Keep in mind though, Orderblocks tend to act as a magnet, therefore, sooner or later we WILL visit this area.
In the case of breaching 1090$ support area, that holded well so far, we will test the lower threshold level of OB at 1030$, which is the least possible scenario (2) based on our plan.
At the time of the writing, after price tested the upper OB, that was created on 20th of December, it acted as a resistance, and bulls took over. It is also important to mention that, price and volume has been forming a bullish divergence, indicating us a buy signal and that Scenario 1 and 3 are more likely to occur. At this point it is important to mention, that based on the price behavior the last months, there has been a huge liquidity area (FVG), that hasn't been explored since then, and MUST be, the one way or the another.
Consequently, after today's leg up and after being rejected of the nearest support zone, we strongly believe, that the next moves involve, bullish action.
SCENARIO 1: Indicates, retest of the lower level of the Fair Value Gap, having our TPs at the level of 1340$, that acted as resistance. and then sharply correct to the lowest Resistance area, at 1080$-1100$.
SCENARIO 3(HOT): After retesting the lower level of the local FVG, break through, and close the Gap, leading us to the ultimate Resistance area indicating on the chart, at the area of 1660$. Make no mistake though, market sentiment is still bearish, and according to this plan, price eventually, WILL test the lower levels around 1080$.
Consequently, after analyzing all 3 possible scenarios, and taking under consideration that the correlation between price and volume, we undoubtedly suggest that a good Long entry price is:
Entry Price: 1230 - 1250
IMPORTANT: This is strictly a Technical Analysis and Fundamentals CAN affect our Analysis!
Not a Financial Advise!
Trade with Caution!
Best Regards, CryptoQueens
In our today's post we will analyze ETH next moves in the upcoming months (Q1), taking into account all technical factors that may affect the price behavior and consequently price volatility . As we can observe on the chart, there are 3 possible scenarios that might play out based on our analysis. Since Mid-July, there is a HUGE Bullish Orderblock, around the area 1090$ - 1035$. As long as we stay above these levels, everything looks positive and we are safe and sound.
IMPORTANT: Keep in mind though, Orderblocks tend to act as a magnet, therefore, sooner or later we WILL visit this area.
In the case of breaching 1090$ support area, that holded well so far, we will test the lower threshold level of OB at 1030$, which is the least possible scenario (2) based on our plan.
At the time of the writing, after price tested the upper OB, that was created on 20th of December, it acted as a resistance, and bulls took over. It is also important to mention that, price and volume has been forming a bullish divergence, indicating us a buy signal and that Scenario 1 and 3 are more likely to occur. At this point it is important to mention, that based on the price behavior the last months, there has been a huge liquidity area (FVG), that hasn't been explored since then, and MUST be, the one way or the another.
Consequently, after today's leg up and after being rejected of the nearest support zone, we strongly believe, that the next moves involve, bullish action.
SCENARIO 1: Indicates, retest of the lower level of the Fair Value Gap, having our TPs at the level of 1340$, that acted as resistance. and then sharply correct to the lowest Resistance area, at 1080$-1100$.
SCENARIO 3(HOT): After retesting the lower level of the local FVG, break through, and close the Gap, leading us to the ultimate Resistance area indicating on the chart, at the area of 1660$. Make no mistake though, market sentiment is still bearish, and according to this plan, price eventually, WILL test the lower levels around 1080$.
Consequently, after analyzing all 3 possible scenarios, and taking under consideration that the correlation between price and volume, we undoubtedly suggest that a good Long entry price is:
Entry Price: 1230 - 1250
- TP1: 1340$ (Liquidity Pool)
- TP2: 1425$ (Mid-range of FVG)
- TP3: 1660$ (Ultimate Resistance Area - Reversal point)
- SL: 1180$
IMPORTANT: This is strictly a Technical Analysis and Fundamentals CAN affect our Analysis!
Not a Financial Advise!
Trade with Caution!
Best Regards, CryptoQueens
Note
Seems like everything is going according to plan. Scenario 3 (which was the hottest one) is still in place as you can see here. It's still the most likely scenario.Trade closed: target reached
Scenario 3 complete its formation and finally reached our target! FVG acted as a magnet and sooner rather than later Market Makers filled that gap. Next move: Anticipation of Stock market, and Monday's false moves.
Until then, sit tight and hands off!
Trade closed: target reached
On-point! Our Hot Scenario worked perfectly!
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