Technical analysis by rossso about Symbol ETH: Buy recommendation (10/10/2023)

[ETH] a spring at a lower boundries october 10 This trading range started at 23 August and until now we have been consolidating but my analysis which i'm about to explain suggest a possible ending of the trading range and resumption of a higher time frame uptrend. first of all we should confirm the trading range and my confirmation is the support @1550 and resistance @1745.84 which the price struggle to break on multiple occasions plus the selling climax that occured at the beginning of the trading range, for people who doesn't know what a selling climax is its an acceleration of a downtrend to the point that there is no more room for selling and a small group of buyers can move the market higher that's why that big bar closed near its high with huge volume normally the equation is: ultra high volume = domination of a group (buyers or sellers) but not in this situation. now that the range boundaries are made as a wyckoffian trader i should look for clues that allow me to predict the next market movement, in this situation we had a previous spring type of action that means that there was an attempt to move the market lower but it fails, i actually traded that spring type of action but i didn't made a lot of money out of it because of the lower time frame distribution that swallowed all market's bulls because of the risidual supply in that area (illustrated in a blue rectangle) so i closed the trade at september 18 after that hidden up thrust that was made. after price correction making an accumulation trading range which i didn't trade (i missed the opportunity) the price traveled back to the higher low (resistance) testing it then getting back again to the support but this time we have a spring, a spring is a bar that tries to break a support and succeed in it temporarily then strong hands come and make the price close on the high of the bar indicating a strong bulls presence in that area but this spring is not like the previous one (spring type of action) because it is a local spring and the most opptimistic expectations are that the price will test the resistance back because in the wyckoff literature a spring has to be the lowest lower low and the market should not make a lower level than it and in this trading range the lowest lower low is the spring type of action, so i do not suggest to trade this spring only in 2 conditions: 1 : price breaks the higher low @1661 which constitute a resistance this trade is a conservative trade. 2 : price breaks the trading range resistance then test it - more conservative trade-. this is my thoughts about this market if you want more join my telegram channel everything is free i do not sell any course nor a paid program, i'm a believer of free information stuff so making money out of other people lack of knowledge is not ethical for me. by the way this channel is new and my goal is to create a nice environement for all traders the only condition is not be a toxic member. Telegram: t.me/wyckoff_monk