Technical analysis by bigkid803 about Symbol ETH on 10 hour ago

On the 19th Day of ETHmas, my True Love Gave to me....a Strong Bull Candle out of the Daily BOS Source! Hey, Traders. Been away a couple of days, but Ol' Faithful ETH is still playing out according to our reading of the market structure. In our last ETH update, we were focusing on the H4 and the last Structure on that time frame. We had some strong bullish responses from H4 Sources that indicated that ETH is at least ready to start pointing north. We pointed out that the Daily Time frame was becoming a stronger influence now, because we also had a bullish Daily BOS UP. This update is focusing on the Daily Chart and also a deep dive down to the H1 to see what we should be watching more closely. Please see our previous posts throughout November and December to see how we walked through ETH's structure up to this point. So, where are we now?: After the recent low on ~Nov 21st, ETH, we had a daily BOS UP on Dec 9th. That was a critical structural break, and as we have taught here several times, a key BOS like this almost always leads to a return to the BOS Source. That Daily BOS Source zone is at ~2612 - 2886, and ETH retraced exactly back to that area to regain strength. Once we fell back into this zone, we got the expected daily response that played out today. Today saw a strong bullish candle push up from 2825 to over 3000 again. This is a good sign for the bulls, but there are several things that still need to play out before we can get that White (or Green) ETHmas! What to look out for: What we really need out of this Daily BOS Demand Source is an H1 BOS UP and a return to that source. If you dive down to the H1, you will see the last H1 Supply Zone is 2930 - 2995. Today's high did break above that, but we have NOT gotten an H1 candle to close above that level yet. SO...there is no H1 BOS yet. We need to see an H1 Candle close above 2995 to give the BOS, and then we need to look for a retracement again back to the source of that break. This would be the strongest bull case for getting out of this Daily BOS Demand Source. Without a strong enough confirmation out of here, ETH is still not out of the Danger Zone. What are the Dangers from here?: If we do not get a strong enough bull structure coming out of this Daily BOS Demand Source, then this signals that even the Daily Structure is not strong enough to propel ETH back to previous highs. We then would have to look at the higher Weekly Structure which has still been playing out. The last Weekly Demand Zone is HUGE (2150 - 2700). So, if we cannot get the push from this Daily Structure, ETH will likely fall back to this level. The most likely target will be the Daily source inside of that Weekly Zone (2150 - 2300). Are there any good trade opportunities where we are now?: There are still a few good trade opportunities that should play out very well if you have the discipline and patience. There are both bullish and bearish cases from here. For the short-term, it's pretty much bearish: 1. IF ETH does give the H1 BOS UP we're looking for (Close above 2995), then we can short the retracement back to the source of that. The target would be the low inside of the Daily BOS Demand Source (2800-2830). At that point, we should switch to a LONG with an initial target to come back up to the last H1 Supply Source ~3160. 2. IF ETH rejects from here without giving an H1 BOS (no H1 close above 2995), we can still short it, but can expect it to fall farther down into the Daily Demand Source and make a lower low. Target ~ 2660-2760. I hope you all have been following along and trading ETH with us. Please leave me any comments or questions, as I would love to hear your thoughts on my analyses. And if you need any help in better understanding how to read the markets, reach out and we'd be glad to help!