In the chart above, we clearly see that $ETH is traveling in a downward channel. To gain momentum again, it first needs to break out of this channel. After that, we can trade above the blue line zone area. Keep this chart in mind and watch to see if $ETH breaks this channel or continues to trade inside it. If the channel is not broken and the downward momentum continues, we could see #ETH/USD $3000-$3200 range.
According to this BTC chart, the 3-day candle closed exactly on the trend line support, and the current candle is also taking support there.
As we mentioned, if BTC closes above approximately 66.2k on the 1-day chart, it would be positive for BTC. However, it closed at approximately 66,040, so we'll wait a few days đ
If we see 1-2 bullish candles, then it can play out as drawn on the chart, and we'll take trades accordingly
Active in buying context: Performing an accumulative Wyckoff structure after performing five waves closing a wave 1 of higher degree.
The price is already in a good institutional buying region (<span of the previous impulse
Furthermore, it is clear how in this structure demand maintains control. The price remains, most of the time, at the top of the accumulation, coupled with the fact that it has already "broken" the uppermost region (UT) demonstrating a strength in demand.
Market sentiment, on the other hand, ends up being a problem for the resumption of the increase. At this moment $DOT has 4 people in longs, against only 1 in shorts, that is; In this ratio of 4 to 1, the market ends up having difficulty in returning to the rise, as the market always goes against the majority of traders.
Check long/short ratio - https://toplsr.netlify.app/highlsr