Money Man must move out of the way, the price is coming. The bounce has been good, but price does not want to go anywhere with lots of hangerers on. The order books have been cleared out up and down and now, with low volume, the market is looking for liquidity. Surely there are lots of people looking to trade breakouts of the painted “M” formation / double top and inverted H&S. What has been obvious to Money Man has been the oscillation around 15 400. Looking at the previous analysis’ (linked below) Green Target 1 makes it obvious. It keeps pulling or price keeps being pushed back to it. Recently ETH had the same thing around 385 and it served as a reversal up – possible because of accumulation there. Is it accumulation or distribution? It does not matter as you would not know and all you can do is be prepared.
There is also not much time left in this cycle for a decision to be made and Green Target 1 is in a prime position to get hit but so is Red Target 2 as well.
Conclusion: Price can move with little volume looking for volume. That normally equates to bigger than expected moves on the chart, so have your orders worked out and set beforehand. Very Important to me: Please leave a like if you appreciate the effort, please comment below and develop this further and please follow if you think this is going somewhere that you would like to know about.
There is also not much time left in this cycle for a decision to be made and Green Target 1 is in a prime position to get hit but so is Red Target 2 as well.
Conclusion: Price can move with little volume looking for volume. That normally equates to bigger than expected moves on the chart, so have your orders worked out and set beforehand. Very Important to me: Please leave a like if you appreciate the effort, please comment below and develop this further and please follow if you think this is going somewhere that you would like to know about.
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Clearing the order book twice and using this much energy in the process has left Money Man questioning if this is for the formation of a triangle (most likely) or is the double top to play out (less likely). A breakout of the top soon is least likely, but he is planning for all eventualities. All the best.
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