ETHEREUM - Coil or Triangle, Regression or Accumulation
To draw a fractal with most touches, ETH can be seen to be in a tight coil currently. A quick browse on TV and many publishers have been showing a horizontal top to this current pattern to form an ascending triangle. Without considering volume, if that were true then this would probably be an accumulation pattern with each successive touch weakening the upper trendline.
However that is not what is happening. Each bounce has retraced just past 0.886 retracement which means price is regressive not accumulative.
ETH price is certainly interesting how it coils in this way - holding a very narrow price band. Tightening price leads to explosive impulses with buyers and sellers becoming trapped and pressure building. This may be similar to the trapped price of SOW / AR - See my Wyckoff thread for details.
Expecting an explosive move to the downside after price drifts sideways.
Not advice.
However that is not what is happening. Each bounce has retraced just past 0.886 retracement which means price is regressive not accumulative.
ETH price is certainly interesting how it coils in this way - holding a very narrow price band. Tightening price leads to explosive impulses with buyers and sellers becoming trapped and pressure building. This may be similar to the trapped price of SOW / AR - See my Wyckoff thread for details.
Expecting an explosive move to the downside after price drifts sideways.
Not advice.
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"Its different this time."
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I'm somewhat quiet on TView for now but you can find me pumping content every day in my Telegram Trading Group 🧐
Part 2 of the fortnight video now uploaded to the group: 27th May - Crypto focus😼.
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Part 2 of the fortnight video now uploaded to the group: 27th May - Crypto focus😼.
$50 per month 👍🏻.
Contact: t.me/dRends35
