Ethereum (ETH/USDT) Short Postition!

Ethereum (ETH/USDT) seems to be forming a bearish Head & Shoulders pattern. An ABC correction in play with a lower high. At ~1700 we have our stop-loss above a strong resistance - MP/TPO POC + R1. VPVR POC marks the main pivot level and our target is at ~1450 (immediate support below).

MP -> Market Profile
TPO -> Time Price Opportunities
POC -> Point of Control
VPVR -> Volume Profile Visible Range

Market Profile is best understood as a way to see order in the markets. While not a typical indicator. MP takes the data from each day’s trading session and organizes it to help us understand who is in control of the market and what is perceived as fair value.

Point Of Control shows the bar where the most volume has been traded.

Comment:

The invalidation of the H&S proved to be a bull trap (Right Shoulder). So the levels remain in play.