ETH just like BTC having a Wyckoff Distribution top.
Slightly different as 3 tops meant price reached UTAD schematic 1.
Price should not exceed R3.
Slightly different as 3 tops meant price reached UTAD schematic 1.
Price should not exceed R3.
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ETH is weaker than BTC here and is not testing any resistance area. This better suits the bearish case.
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Moving up to 4hr candle we can see that the probe above R1 was a fake-out to close as a doji.
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While BTC pressed the upper resistance ETH pressed through lower resistance into the distribution channel with fake-out into R2.
Price now printed a bearish engulfing to fall back below R1.
Will perhaps take some more correction, but it looks like price is reversing to the downside.
Price now printed a bearish engulfing to fall back below R1.
Will perhaps take some more correction, but it looks like price is reversing to the downside.
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