Short squeezed happened for ETH at 1280. This made a sudden pump for it.
Now will look at the data to help decide how it goes. Will explain with pictures in the comment section.
Now will look at the data to help decide how it goes. Will explain with pictures in the comment section.
Note
This sudden pump caused large liquidation for ETH, and thus caused the LS ratio pump as well.
Note
The big player started to build position by longing it. And those who set stops for short position bought together, causing the pumping.Note
After squeeze the big player exit some position, but not all of them. This may be a hint that they are gonna long it in (very) near future.Note
As the price consolidates here, we can see retail traders start building short position according to the LS ratio. Now it's dangerous to build short position even though it's slightly declining.
Note
Now let's see how it may go:Scenario 1: Go up to the POC and the OB, then down for the lq level.
Note
S1 will also play well with Mr. RektProof's PO3 strategy.
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Remember: The longer the time it consolidates here, the sharper it will go down.Note
Note: PO3 please refer to Mr. RektProof's twitter: twitter.com/RektProof/status/1491803353726087182Note
Scenario 2: if bitcoin plays really weakly, it's expected to see ETH play the same as well.
Note
In S2, it's going to break the H4 inside the range, then create a breaker and continue.Note
Scenario 3: Break the supply
In S3, if bitcoin plays really stronk, it's highly possible for it the break the H4 supply above. If so, be cautious since the major trend is still down. Against the trend is dangerous.
Note
Conclusion: Will look forward for it to consolidates here. Till Monday ends, we'll take action.
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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.