ETHUSDT is ready for the next distribution
Recently, the price of ETHUSDT had an accumulation phase after an uptrend that brought it above the weekly support level of 1100 $.
During this accumulation phase, the price of ETHUSDT formed a distribution where the price action was congested within a certain range, suggesting that there was an ongoing struggle between buyers and sellers.
An accumulation phase is a period in which a financial instrument's price is range-bound within a certain level, indicating that buying and selling pressures are relatively balanced. During this time, traders and investors are accumulating positions and taking positions in anticipation of a future price move. Accumulation phases often occur after a prolonged downtrend and may precede a bullish impulse, as in this case.
The current price of ETHUSDT is now forming another accumulation phase, which suggests that buyers and sellers are once again in a state of balance. If the price meets the "Plancton's rules," which are a set of technical analysis rules used by some traders to identify potential trend reversals, this may signal a new bullish impulse.
In this case, a long position may be taken with the expectation that the price of ETHUSDT will continue to rise.
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Follow the Shrimp 🦐
Keep in mind.
During this accumulation phase, the price of ETHUSDT formed a distribution where the price action was congested within a certain range, suggesting that there was an ongoing struggle between buyers and sellers.
An accumulation phase is a period in which a financial instrument's price is range-bound within a certain level, indicating that buying and selling pressures are relatively balanced. During this time, traders and investors are accumulating positions and taking positions in anticipation of a future price move. Accumulation phases often occur after a prolonged downtrend and may precede a bullish impulse, as in this case.
The current price of ETHUSDT is now forming another accumulation phase, which suggests that buyers and sellers are once again in a state of balance. If the price meets the "Plancton's rules," which are a set of technical analysis rules used by some traders to identify potential trend reversals, this may signal a new bullish impulse.
In this case, a long position may be taken with the expectation that the price of ETHUSDT will continue to rise.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
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