Good morning, fellow traders! Ethereum continues its impressive surge, marking its fifth consecutive week of substantial gains. As we assess the weekly range, a crucial juncture unfolds: we find ourselves at the resistance threshold, teetering on the brink of the range's discount zone. The burning question looms—will the market embrace this level, or are we poised for a bullback followed by another rally?
A cardinal principle guides our approach: refraining from entering trades after a five-week bullish streak. In the spirit of prudence, we advocate allowing the chart room to breathe, anticipating a deep bullback before considering re-entry and the potential for a renewed upward momentum. The question of retracement into 2024 remains on our radar.
Central to our strategy is the meticulous use of VWAP (Volume Weighted Average Price) as a reliable indicator. The redline on the chart signifies this, and its historical accuracy in gauging volume dynamics is paramount. Notably, the chart manifests a compelling transformation where resistance volume seamlessly morphs into support, providing a discernible bullish bias.
Presently, our trades navigate the terrain as strategic scalp entries, with spot longs approached judiciously through partial positions. The week's closure holds the key to our next moves, as we await the market's verdict before formulating new decisions.
Wishing all traders a week of astute decisions and profitable outcomes. Stay tuned for the unfolding market narrative. Happy trading! 📊💹
A cardinal principle guides our approach: refraining from entering trades after a five-week bullish streak. In the spirit of prudence, we advocate allowing the chart room to breathe, anticipating a deep bullback before considering re-entry and the potential for a renewed upward momentum. The question of retracement into 2024 remains on our radar.
Central to our strategy is the meticulous use of VWAP (Volume Weighted Average Price) as a reliable indicator. The redline on the chart signifies this, and its historical accuracy in gauging volume dynamics is paramount. Notably, the chart manifests a compelling transformation where resistance volume seamlessly morphs into support, providing a discernible bullish bias.
Presently, our trades navigate the terrain as strategic scalp entries, with spot longs approached judiciously through partial positions. The week's closure holds the key to our next moves, as we await the market's verdict before formulating new decisions.
Wishing all traders a week of astute decisions and profitable outcomes. Stay tuned for the unfolding market narrative. Happy trading! 📊💹
Daniel P. Fadejev
