ETH and the rest of the BTC price pattern setting up for a potential rally. Last point of support tested.

**(_Post was meant to be shared yesterday_)**

I shared my [analysis on Etherium]( (+BTC since it follows the same price structure) 20 days ago. Seems to be following the plan

We had a break of the momentum line and are currently retesting it.

A few days after posting my hypothesis, I made a potential price projection [like this]( where price was supposed to revisit the last point of support (lps) after clearing the obstacle (dark grey area – supply zone) for some more bullish fuel.

We’ve just [had the test]( now as hypothesized.

A possible revisit of 1800 before our rally seems possible as there’s a demand zone expanding towards that price range in a downward [compressing channel]( This is a good sign that we’re absorbing demand and supply is diminishing.

This coming week(s) could see a potential demand dominance in this range bound market as accumulation has been seen multiple times within the daily range and in lower timeframes.

**Current position as of the time of preparing of the post sat at -$2645.94 [unrealized losses](**


**NB;** I should also add that an end to an accumulation can be accompanied by terminal shakeouts that may occur in forms anything ranging from flash crashes to negative media sentiment meaning we’d need to be careful and accumulate our position accordingly with protective stops in order.

_I understand a lot of investors believe that technical analysis is the equivalent of seeing a horse figure on your coffee stained shirt so I expect negative commentary from that end. But I believe along with the strong fundamentals crypto is standing on, adoption taking place, Wall Street funds adding it to their portfolios etc…there’s a possibility that price will eventually catch up with the fundamentals_

**Who am I and why you shouldn’t listen to me?**

I’m a price action technical analyst who trades their own funds and close friends’. I specialize in price behavioural patterns, analysing the constant struggle between supply and demand’s dominance over market trends during relatively equilibrium scenarios like trading ranges in areas of potential supply and demand.

What do you think?

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings


is it too late?

Cryptocurrency Will Re-Fuel the Attention Economy, Get Ready | by William Mougayar