ETHUSDT Analysis 02-09-2021 by TheSocialCryptoClub
Morning,
as we could see after the big dump that involved the whole crypto sector starting from Bitcoin, a very strong support was reached where buyers made their pressure felt, keeping the price around the major support zone between 1800-2000.
After a phase of accumulation and lateralization, the volumetric profile shows us an interesting PoC (Point Of Control) in that area coinciding with our 0.618 Fibonacci calculated by CryptoFall.
Following the levels we can well notice how in the area 0.5 and 0.382 other important volumetric densities are created.
The clearly bullish price started its uptrend on 21/07/2021 to go and build a beautiful triangle that was broken as per the textbook to go and reach the 0.236 level.
In this area we could find a strong resistance from sellers looking for profit in the short term, and it could make the price retrace until it retests the breakout levels.
Important is to never buy on the run or just because you see green candles!
So it's better to wait for a good retracement and trade in Dollar Cost Average in different price zones to avoid block exposures.
The longer term Target remains always 5000 as indicated by the 0 level as indicated by CryptoFall.
Thanks for your attention.
as we could see after the big dump that involved the whole crypto sector starting from Bitcoin, a very strong support was reached where buyers made their pressure felt, keeping the price around the major support zone between 1800-2000.
After a phase of accumulation and lateralization, the volumetric profile shows us an interesting PoC (Point Of Control) in that area coinciding with our 0.618 Fibonacci calculated by CryptoFall.
Following the levels we can well notice how in the area 0.5 and 0.382 other important volumetric densities are created.
The clearly bullish price started its uptrend on 21/07/2021 to go and build a beautiful triangle that was broken as per the textbook to go and reach the 0.236 level.
In this area we could find a strong resistance from sellers looking for profit in the short term, and it could make the price retrace until it retests the breakout levels.
Important is to never buy on the run or just because you see green candles!
So it's better to wait for a good retracement and trade in Dollar Cost Average in different price zones to avoid block exposures.
The longer term Target remains always 5000 as indicated by the 0 level as indicated by CryptoFall.
Thanks for your attention.
Comment:
The price bounced off the resistance, and returned to the top of the triangle, which did not hold and consequently returned to the 0.382 level of CryptoFall, if this does not hold, likely a return in on the underlying 0.5 level, in the 2500 area.
This is also detected as a powerful psychological threshold that could act as a support in case the long-term trend remains up.
This is also detected as a powerful psychological threshold that could act as a support in case the long-term trend remains up.
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- Scalping The Bull Training: tinyurl.com/corsoindicatorepro
- AlgoTrading Training: tiny.one/corsopinescriptbase
- Crypto News: t.me/joinchat/StkXJM
The price collapsed by spiking the breakout area due to the blown margin calls of the leveraged positions, moreover it kissed in a millimetric way the 0.382 level of our CryptoFall.
The identified areas were respected, and the roof of the triangle held as support.
If it goes down further the volumetric gap will take us to the old PoC on the 0.5 level of our CryptoFall.
Thank you for your attention.