If we leave the weekly Value Area here, we can likely expect further local value rotation lower. Therefore, holding here is crucial for any further upwards potential.
On the higher timeframe, a weekly close above the key high at 82.8k would also strongly support the bullish thesis.
Historically, however, simply wicking above the high has not been a major decision point and hasn’t carried much weight on a weekly structural basis.
That said, it’s certainly something we need to keep in mind; especially when looking at the next retracement opportunities.
For now, my base case remains a choppy Saturday, so I will update at the EoW with the final conclusion 🫡
$ETH is up 71% this quarter. Best since early 2021. It closes Wednesday, the same day as US inflation. The last quarter like this was followed by -28%.
0:00 The quarter 1:26 My cup and handle 2:05 Wednesday 3:48 My Next Trade
Solana made a double bottom pattern identified on the chart by the turquoise R setup and has broken out on heavy volume. But what happens now 👇
Diving into the technicals we see a few issues that might prevent this trend from potentially running further without more of a cool down period. There are valid reasons I for suggesting this. After price moves through enough resistance levels and the buyers eventually become exhausted. 👇
The signs here on the chart is the resistance zone coupled with the live bearish Divergence trying to form again no the live current candle. We have to see how that signal decides to confirm but right now its giving us clues that the weekend cause bring us a pause in momentum.
I will be updating everyone Sunday evening or first thing Monday morning as long as you guys keep commenting below on these posts for me. Have a great weekend. 🤝 😎