BINANCE:ETHUSDT Hello everyone 😃 Before we start to discuss, I would be glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it !
#ETH has dropped below the 4H's support ($4108.00) and now it's moving below the higher supply. #ETH has made a new high but there wasn't any confirmed correction based on FIB retracement's levels. However we experienced the time correction on early October, But according to BTC's chart we had the similar fractal on time correction too !
Now the local supports for #ETH to retest are mentioned on the chart, The 1st retest level before any retrace to FIB's levels will be the local demand zone which is taking EMA150 as a support below it. If #ETH rejects below it, Then our retracement scenario will be activated. The 1st zone to retrace is 38.2% FIB's level which is standing at ($3662.80 - $3620.00) as a bullish order block.
The 2nd level is located at $3488.73 which is not combined with any support on chart, But the 3rd one is located at ( $3309.91 - $3257.00 ) as a H12 support zone ! The 38.2% and 61.8% FIBs have more chance to defend the bulls...
📊 Also on ETH/BTC's chart : Pair has reached the H12's resistance zone and 3D's bearish order block, There's a possible rejection from this point which is confirming that #BTC will outperform in near mid-term...
So, if you are wondering 'when alts' ? Well, alts are shining right now. When will they moon/go parabolic? I think they will do this in phases once bitcoin truly breaks into new ATH territory. Some will lag behind, some will out perform. I will primarily be playing the chart that I am trading, but being mindful of rotating my spot holdings. I would like to be "bitcoin heavy" when BTC breaks out again (For real this time) and then rotate into some L1s like ETH, SOL, LUNA etc once it cools off (but won't hesitate to jump in prior if the chart is bullish).
Hope you enjoyed the content I created, You can support us with your likes and comments ! Attention: this isn't financial advice we are just trying to help people on their own vision.
I always find it best to use VPVR or FIxed Range Volume Profile and use the Low Volume Nodes (LVN) as future pivot points bc the manipulators are getting the lest returns from those areas bc so little volume was transacted at those points so its actually costing them more to move the priceth rough/past those levels. This has turned ou to be a SUPER accurate way to find the levels you have defined here. No doubt they are probably the same levels as per my description as well.
Helical_Trades
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@chasinalts, Great to know that we're in same page for it ! Thanks for the helpful notes dear :D