ETHUSDT is currently in an accumulation phase below the weekly resistance.
The market has recently printed a pin bar on the daily resistance, which could indicate a reversal of the trend and provide liquidity for the market to start moving in the opposite direction.
The current price action is testing the 0.382 Fibonacci level, which is a key technical level and may serve as a pivot point for future price movements. A breakout above the 1700$ area could validate the long scenario and signal further upward momentum. On the other hand, a failure to break above this level could lead to a retracement and a continuation of the current consolidation phase.
Traders should keep an eye on the price action and the behavior around the 1700$ and 0.382 Fibonacci levels, as these will provide important clues about the market's future direction. Overall, it is important to exercise caution and consider the bigger picture before making any trades in the current market conditions.
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Follow the Shrimp 🦐
Keep in mind.
The market has recently printed a pin bar on the daily resistance, which could indicate a reversal of the trend and provide liquidity for the market to start moving in the opposite direction.
The current price action is testing the 0.382 Fibonacci level, which is a key technical level and may serve as a pivot point for future price movements. A breakout above the 1700$ area could validate the long scenario and signal further upward momentum. On the other hand, a failure to break above this level could lead to a retracement and a continuation of the current consolidation phase.
Traders should keep an eye on the price action and the behavior around the 1700$ and 0.382 Fibonacci levels, as these will provide important clues about the market's future direction. Overall, it is important to exercise caution and consider the bigger picture before making any trades in the current market conditions.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
