ETHUSDT Weekly S/R| Trend Pivot| Price Action| VPVR| Daily S/R

23 Okt 2020Evening Traders,

Today’s second analysis – ETHUSDT- consolidating under key resistance where a breakout is probable upon increasing volume,

Points to consider,
- Price Action Impulsive
- Weekly S/R Resistance
- Daily S/R Objective
- Oscillators Extending
- Volume Increasing
- VPVR Low Transactions

ETHUSDT’s immediate price action is impulsive, breaking key Local S/R. Price action is currently trading below Weekly S/R, breaking this level will allow us to maintain out bullish bias on the market.

The Daily S/R is current objective; price action is likely to reach this level due to low volume of transaction – reflected by the VPVR.

A rejection from the weekly S/R will increase the probability of back testing Local S/R; this will confirm an S/R Flip Retest. It’s also important to note that this area is also in confluence with the POC.

Both oscillators are over-extended; a reversion to their mean is probable which will coincide with a pull-back in price action.

The volume profile is increasing; this needs to sustain for further follow through in price action.

Overall, in my opinion, ETHUSDT is a valid long above Weekly S/R; price action is to be used upon discretion/ management of trade.

Hope this analysis helps!

Thank you for following my work

And remember,

The goal of a successful trader is to make the best trades. Money is secondary. – Alexander