Ethereum Wyckoff accumulation
Updated
Is ETH in the early stages of it's Wyckoff accumulation?
Well, not many will agree with me here because most of market participants think the bear market is over.
I believe we have a long way to go, I'm just not sure if we've seen the top here or we get one more squeeze to 2k region.
But looking on the weekly the price closed below Range High so this weekly close will be telling.
Another close below Range HIgh will confirm a deviation and then the next target will be the Mid range.
My main target is still at $700 which didn't get tested yet.
Let's see how this ages.
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Well, not many will agree with me here because most of market participants think the bear market is over.
I believe we have a long way to go, I'm just not sure if we've seen the top here or we get one more squeeze to 2k region.
But looking on the weekly the price closed below Range High so this weekly close will be telling.
Another close below Range HIgh will confirm a deviation and then the next target will be the Mid range.
My main target is still at $700 which didn't get tested yet.
Let's see how this ages.
Follow, like the idea and feel free to leave a comment.
Check out other ideas if you like this one.
Note
Weekly back in the Range again.Note
We have seen the liquidity grab to $1940 at that was a potential top.Bearish confirmation would be if it starts to trade below Quaterly Open at $1820 and then back inside the range at $1780.
Note
ETH didn't close below Quaterly Open, instead it squeezed higher.Now August High is looking like an Automatic Rally so I updated the accumulation range.
Pricewise there are no changes, close back in the range would suggest that this run is over and that we can expect an aggressive 3 step decline.
3D candle opened today so it's still early to call it bearish, but it's not looking good.
Note
Something that could play out is that this 3D candle closes bearish in the range and chops for 2 days and then squeezes one last time to grap the liquidity and triggers late shorts. Keep that in mind and don't get bullish up there.Note
Here is the updated chart so you can understand what I'm saying, since the original is not in the range yet:
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