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ETH Market Commentary 23.09.2021

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After an impressive breakout, the next leg now follows (there was also the simpler ETHBTC play where buyers have succeeded and are ready to play the next deflection).

ridethepig | ETH Breaking Correlation


On the ETHUSD side, buyers have created a chance for Q4 to attack the highs. Sellers did not want to hold past the C leg which is screaming in advance that sellers are really only masked buyers and the direction decisively favours the topside.

So now with this deflection from the C lows, the previous highs have been taken unlocking tempo for buyers. The next leg is impulsive on account of the trap and unwinding. The position should reach $3,600 in the coming sessions comfortably with $4,000 the next target in scope.
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