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ETH Update; Demand Showing Dominance

As discussed in the[previous post](https://www.reddit.com/r/CryptoCurrency/comments/omq523/update_eth_along_with_btc_and_others_setting_up/?utm_medium=android_app&utm_source=share), the market is starting to look bullish on the intraday structures

Crypto had a great week last week. We had **The B Word** event that gathered attention and hope was finally printed in price action.

As mentioned before, price was in a downward [compressing channel](https://imgur.com/a/LJBPtA8) which I had said would stop around $1800 and I exclusively added in the previous post about a >possible terminal shakeout

We had the[terminal shakeout](https://imgur.com/a/Mle4CnT) as discussed. Price did extend towards the lower bounds of the grey zone I had marked ($1800), then proceeded to shakeout weak hands. We see a sharp reversal promptly after price shook out weak hands which resulted in the ultimate reversal that broke the upper resistance line of the downward compression channel.

Just as we thought we had enough confirmation of demand dominance, we were given a [reaccumulation](https://imgur.com/a/cUU2ayO) (absorption) right as price was approaching the $2000 mark.

The absorption is to show that buyers are now consuming any selling happening in the market. With real demand commitment behind price results in a strong defined trend, the bear market is very close to if not already over.

**Current unrealized gains float around $13958.85.
I should add that during last week’s shakeout, my stop losses(https://imgur.com/a/JPrwpRO) were triggered for other positions at -$1712.59. Although it was more than that as you can see from the images, I just closed some of my positions to lessen the realized losses.**

The next trouble areas look like(https://imgur.com/a/pTEeG2h) $2800 ($44000 for Bitcoin). Otherwise now we switch to overview monitoring and allow price to breathe until something opposing our hypothesis comes up.

What do you think?

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3 Comments

  1. Agree with demand starting to dominate supply. That last daily candle was an absolute battle. Was looking bleak in the morning (bearish engulfing pattern) but closed out strong with demand pushing through (dragon fly doji; rejection of lower prices).

    Looking at regional upward test at ~$2450 and again at $2600. Think we will need to see a change of behavior / character (significant demand volume + price action) with a sign of strength / test at ~$2800-$2900 and price confirmation above those levels. If we get significant rejection at those levels with strong effort and result downward to lower price levels we could see lower prices (less than or equal to $1500).

Just replaced the pads on my watercooled RTX 3090 FE -> -4 degrees

F – to pay your respects. FORD DD