This is a classic Ultra Instinct ribbon pattern. Notice how ETH began to moon once the ribbon turned purple, and notice the beautiful perfectly spaced fan pattern afterwards. This pattern typically implies that more upside is on the way. To best learn how to use this indicator, try back testing it in times of high volatility. Works wonders.
Dow is below the EXP Ribbon according to Gap rule we should fill the gap and test the daily ribbon again that is the decision point.
I will be looking for price to follow through. Would like to enter short around 4820's, idea being enter within the ribbon and play the follow through of the new downtrend. Target last weeks low for >60pts. Risk 20pts at/around Friday's high, R:R = 3:1.
When only looking at multiple ribbon daily EMAs. Bitcoin is entering in a significant and historical zone: the green lime one... It's just food for thought and plain fact. PS: for more details about the dynamic my wedge scenario posted 2 months ago is still in play and is ridiculously efficient, have a look too: