ETH USDT (Binance)
ETH price is sitting at the local resistance zone (marked green zone) (the price rejects it overnight and this level became resistance). It was a good long opportunity because as we can see, the price breaks out POC, retests, and bounce from it. We need more volume to see a break out on a local resistance level. From a technical point of view, during an FOMC event, the price fell (which is normal).
The interesting thing here is that the price tried to bounce from VAH, but unfortunately, the price broke it down and the price retested a marked green zone (currently resistance).
The volume profile is looking bad. There are 4 volume gaps: 1275-1285; 1290-1305; 1310-1315 (very small gap); 1325-1335; POC is still sitting at 1270, no changes here.
The plan for today: I will wait for price action around a current price level. If the price breaks out and retests a local resistance zone=>long (it will become support after a retest). If the price breaks it down and rejects it=>short; Another great level to watch for price action is POC (1270- red line). It is reacting as support right now. If the price touches this line and bounces from it=>long; If the price closes below it and rejects it=>short;
