How To Read Chart

[howtoreadchart]

ETHBTC Daily Chart Overview

We have a long-term balancing wedge. Let’s read the history of this wedge.
Note. I 've multiplied prices at 100

1/ No_Suplly around 1.75
2/ Market responses strongly. Demand Wave after NS.
3/ Plot a line of Support from NS+DW sequence
4/ Major Sequence of Weakness.
5/ Testing the breakout level, intraday Panic.
6/ SLKT, and Fake breakout above the previous minor high.
7/ Panic + EVRB + NS+DWave (yellow arrow) and bouncing up
8/ Sequence of Weakness
9/The current wedge is a balancing zone. The volume goes down. It means that speculators move out of the market as they can’t see the potential for making money. Demand and Supply forces matched perfectly. All we have to do is to wait. Watch for Fake move, becuase traders will jump in positions quickly as they will see any break-bar - up or down.

 

[howtoreadchart]

On the previous post for my followers I wrote:

The most rational expectation - a continuation of the persistence of bulls and more attack on the 7020 support level (caused by major 7k figure).




y5eLsmh[1].png1006x877 132 KB


Unfortunately, it was my mistake. I put the wrong word “bulls” instead of “bears”. I hope, you have understood my thoughts correctly, as bulls can not attack support levels.

What new did we have to get on the chart?


1/ SLKT above previous minor highs and above round number. This diversion designed to: a) kill sellers b) trap buyers. It is a sign of upcoming decline
2/ SB (confirmation)
3/ ND (more confirmation)

Then we got the Breakdown. The successful attack of bears on the 7020 support level (caused by major 7k figure). It was a very heavy dump. 7k should act as the resistance now.