ETHEREUM - A BUNCH OF SHEEP AND ONE SLAUGHTERHOUSE
Market correction has marked 1 month 6 days at the time of writing. After a whole year of major bull run, a month of correction is necessary and healthy for the market. ABC correction pattern is still in play with B leg has finally exhausted at 1,944 USD. WHAT'S NEXT?
TECHNICAL ANALYSIS
After completing B leg, Ethereum went straight down to 1,500s USD zone. That was a brutal downward move for only a short period of time. Yes, the market is volatile and that's the beauty of it. You either stay focused and cold-headed or crack under the pressure.
The volume has been weakening throughout one month of correction. However, every now and then, we still see major volume in sell-off pressure. The market will shake off all the sell side until no-one is willing to sell the coin anymore. There are two possibilities to achieve this:
(1) Major shake off - shock the market by "black swan" candle(s), that is extremely high volume and large price decrease within one or a few continuous candles or;
(2) Blood shed - let the market act harmonically without disrupting its run and pull off some minor sell off every now and then.
Zooming in sell pressure volume on 4H:
Zooming out sell pressure volume on 1D:
A BUNCH OF SHEEP AND ONE SLAUGHTERHOUSE
With all of the above tactics, sharks are willing to do one thing - TO TEST MARKET REACTION ON SELL PRESSURE. Possibility #1 could be really painful to watch but it creates a huge chance to buy cheap Ethereum within a matter of minutes. On the other hand, possibility #2 slowly lures the sheep into slaughterhouse. This can be done through technical rebound of some previous minor decrease in price. This technical rebound is typically low in volume, short price candles and weak momentum. It gives fake sensation of the market is creating higher highs and lower lows. And with those who stuck on 1H chart or 30 MINS chart, analysing short term chart but dreaming on long term result, the outcome could be brutal. When the slaughterhouse lures enough sheep, it's time for blood bath. WHAT A SUPERB ... FOR THE SHARKS!!!
REALISE - READY - REACT
Ethereum has done just about right with possibility #2 for the last 3 weeks. That is no major gain in price, weak in volume and no upward momentum. But surely it has shed a few decent sheep blood. Just look at how two spinning top candles on 1D chart on March 16th and 17th 2021, the upward momentum was immediately denied 2 days after by a hammer candle. And within those days, the volume was barely indicate any interest of pushing the market higher or lower. That is how brutal the sharks could be. It's like buying Lays chips, you pay 4 bucks for a large bag, hoping for decent munchies on an endless Netflix and chill night. Open it up!!! You see a few chips and a bunch of cool breeze blows ... FROM THE INSIDE!!!
Don't get us wrong! We are still indeed very bullish on the overall market ... LONG TERM!!! But after a year of bull run, it is necessary to ease down the hype and let the real buyers step in, AGAIN. There is no doubt at some stage in the future, Ethereum will push higher. But that's a story for another day. For now, let us wait for the market to reveal itself, REALISE your buy opportunity, get your cash READY and REACT accordingly.
"1,500s USD or 1,300s USD or below 1,000 USD ...
1,800 USD or 2,000s USD or above 2,700 USD ...
There is nothing too expensive or too cheap, ONLY PSYCHOLOGICALLY SUITABLE PRICE TAG!!!"
TECHNICAL ANALYSIS
After completing B leg, Ethereum went straight down to 1,500s USD zone. That was a brutal downward move for only a short period of time. Yes, the market is volatile and that's the beauty of it. You either stay focused and cold-headed or crack under the pressure.
The volume has been weakening throughout one month of correction. However, every now and then, we still see major volume in sell-off pressure. The market will shake off all the sell side until no-one is willing to sell the coin anymore. There are two possibilities to achieve this:
(1) Major shake off - shock the market by "black swan" candle(s), that is extremely high volume and large price decrease within one or a few continuous candles or;
(2) Blood shed - let the market act harmonically without disrupting its run and pull off some minor sell off every now and then.
Zooming in sell pressure volume on 4H:
Zooming out sell pressure volume on 1D:
A BUNCH OF SHEEP AND ONE SLAUGHTERHOUSE
With all of the above tactics, sharks are willing to do one thing - TO TEST MARKET REACTION ON SELL PRESSURE. Possibility #1 could be really painful to watch but it creates a huge chance to buy cheap Ethereum within a matter of minutes. On the other hand, possibility #2 slowly lures the sheep into slaughterhouse. This can be done through technical rebound of some previous minor decrease in price. This technical rebound is typically low in volume, short price candles and weak momentum. It gives fake sensation of the market is creating higher highs and lower lows. And with those who stuck on 1H chart or 30 MINS chart, analysing short term chart but dreaming on long term result, the outcome could be brutal. When the slaughterhouse lures enough sheep, it's time for blood bath. WHAT A SUPERB ... FOR THE SHARKS!!!
REALISE - READY - REACT
Ethereum has done just about right with possibility #2 for the last 3 weeks. That is no major gain in price, weak in volume and no upward momentum. But surely it has shed a few decent sheep blood. Just look at how two spinning top candles on 1D chart on March 16th and 17th 2021, the upward momentum was immediately denied 2 days after by a hammer candle. And within those days, the volume was barely indicate any interest of pushing the market higher or lower. That is how brutal the sharks could be. It's like buying Lays chips, you pay 4 bucks for a large bag, hoping for decent munchies on an endless Netflix and chill night. Open it up!!! You see a few chips and a bunch of cool breeze blows ... FROM THE INSIDE!!!
Don't get us wrong! We are still indeed very bullish on the overall market ... LONG TERM!!! But after a year of bull run, it is necessary to ease down the hype and let the real buyers step in, AGAIN. There is no doubt at some stage in the future, Ethereum will push higher. But that's a story for another day. For now, let us wait for the market to reveal itself, REALISE your buy opportunity, get your cash READY and REACT accordingly.
"1,500s USD or 1,300s USD or below 1,000 USD ...
1,800 USD or 2,000s USD or above 2,700 USD ...
There is nothing too expensive or too cheap, ONLY PSYCHOLOGICALLY SUITABLE PRICE TAG!!!"
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