The market made an all time high at 4095.4 following the November bull run. Street money flooded premium prices trying to buy above all time highs. Once price inevitably dropped from that premium level all of the bulls who bought above premium provided not only exit liquidity for longer term traders, but also "resistance" or "supply" levels that are easily recognizable for anyone who wants to double down on their position once the market forms what appears to be a short term low. Seeing this kind of trading occur in the way that it is occurring and at the prices that it is occurring at gives me insight that the market is now going to enter ranging conditions pairing liquidity from both sides of the range.
the market goes right to 01.23.24 low at 2165 and sweeps that level eventually making its way right back to 4097.4 only $2 higher than the all time high. These 3 levels being used in this way to send the market to both sides of a trapped range is done to allow for time to pass and orders to build up.
Since the overall trend of the crypto markets and ETH in general is upward, I am assigning this behavior to institutional accumulation of discount prices. Under this assumption I will look to see a new short term low set in the market. I will see that signature begin when a short term high leads to taking out a htf discount level with an aggressive displacement lower.
I can expect to see these sweeps just above or just below key lows
Key prices to watch
- Sunday 05.18.25 low; 2325
- Friday 05.09.25 H4 +ob; 2350.9
- Daily dealing range C.E; 2271.5
- Daily + Breaker open 2081.5
- M0A_. 1732.5
the market goes right to 01.23.24 low at 2165 and sweeps that level eventually making its way right back to 4097.4 only $2 higher than the all time high. These 3 levels being used in this way to send the market to both sides of a trapped range is done to allow for time to pass and orders to build up.
Since the overall trend of the crypto markets and ETH in general is upward, I am assigning this behavior to institutional accumulation of discount prices. Under this assumption I will look to see a new short term low set in the market. I will see that signature begin when a short term high leads to taking out a htf discount level with an aggressive displacement lower.
I can expect to see these sweeps just above or just below key lows
Key prices to watch
- Sunday 05.18.25 low; 2325
- Friday 05.09.25 H4 +ob; 2350.9
- Daily dealing range C.E; 2271.5
- Daily + Breaker open 2081.5
- M0A_. 1732.5
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.