ETHUSDT forms a nice bullish structure to start this new year!
Technical:
We had a nice dump following the FTX panic a few weeks ago.
This dump was then retested a few days later and quickly absorbed.
Subsequently the price recently tried to be push down (Dec 17) but failed to get into the excess area (gray area) but was instead bought back at the bottom of the range (blue area).
This for me clearly marks a refusal of sellers to sell their ETH below 1150.
We are now creating the first 'higher low' of a 4H bullish structure.
Re-entering the ETH monthly range (2 white horizontal lines) is now of high probability.
In this kind of scenario, after retesting the buyers and trapping many sellers below the range, we should have an upside breakout.
This is why I am long ETH and stop loss if there is a reintegration of the grey area, as this would mean that sellers finally accept this price area and a quick crossing to the south would therefore be considered.
On that note, I wish you a great year 2023 and feel free to like my content if you like it :)
See you guys!
Technical:
We had a nice dump following the FTX panic a few weeks ago.
This dump was then retested a few days later and quickly absorbed.
Subsequently the price recently tried to be push down (Dec 17) but failed to get into the excess area (gray area) but was instead bought back at the bottom of the range (blue area).
This for me clearly marks a refusal of sellers to sell their ETH below 1150.
We are now creating the first 'higher low' of a 4H bullish structure.
Re-entering the ETH monthly range (2 white horizontal lines) is now of high probability.
In this kind of scenario, after retesting the buyers and trapping many sellers below the range, we should have an upside breakout.
This is why I am long ETH and stop loss if there is a reintegration of the grey area, as this would mean that sellers finally accept this price area and a quick crossing to the south would therefore be considered.
On that note, I wish you a great year 2023 and feel free to like my content if you like it :)
See you guys!