Two charts for you guys…
The top one is the 17Hr chart…WHY?
The momentum on Eth is pushing upwards…Hyperthertically, if you were to run longs from this zone, the principle of momentum would see ethereum continue with its move higher…
To Where?
The highlighted boxes are points in the volume profile where they “Could trigger interest”
It is a place where they had previously move price aggressively….If you look closely you will see there is little volume nodes inside of this area…This is what we would understand to be an “Unfinished Auction” There is a masterclass session on this called “Unfinished Business” which is on page 2 of the masterclass sessions.
The next chart is the 1hr time frame…
When considering the idea that an M formation may be appearing, you have to explore the environment…Notice the green arrows….See how each higher is taking over the previous one…This provides us the logic that they favour higher prices.
However, the current high that has been made, is lower…So one would naturally assume that price should be coming back down from here…Which it may do so…If you decide to exploit that narrative, be mindful of the green vector down below, It has been recovered by 50%…So we would need to see price breaking down from here on the lower time frames (Consider where price is in relation to the 50EMA on the 5m time frame).
Let’s see what will become of Eth today.
Mad Love T
