This analysis is meant to illustrate the accumulation post the May 23th selling climax and automatic rally establishing support and resistance zones.
Wyckoff Accumulation:
- Phase A & B sideways move lasted for about 1 month, with multiple retests of support.
- Phase C retest springs a directional move to the upside.
- Phase D sign of strength with push beyond resistance -> turning resistance into new support levels.
- Phase E another sign of strength with push into pre-markdown support levels.
Additional Indicator Analysis:
- RSI shows that we are in oversold territory. This may lead to a pullback within the ascending channel.
- MACD has not shown an indication of reversal.
ETHUSDT
Wyckoff Accumulation:
- Phase A & B sideways move lasted for about 1 month, with multiple retests of support.
- Phase C retest springs a directional move to the upside.
- Phase D sign of strength with push beyond resistance -> turning resistance into new support levels.
- Phase E another sign of strength with push into pre-markdown support levels.
Additional Indicator Analysis:
- RSI shows that we are in oversold territory. This may lead to a pullback within the ascending channel.
- MACD has not shown an indication of reversal.
ETHUSDT
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