ETH August 21 Market Observation, Trend Analysis
After rebounding to 4378, it has been oscillating down to 4234, with trading volume shrinking throughout the day, liquidity is exhausted.
Intent is clear, market makers are washing positions, testing buy orders, observing where bulls will enter, and shaking off weak bulls at high positions. Testing support. Testing if there are any whales selling.
4050 has already been tested with strong buying, so if it breaks 4200 with volume, it will test the 4050 support point again. If 4050 breaks, it will continue downward, looking for a new market structure. It will also test the 4380 position again, and if it breaks this level, it will maintain an upward structure. As for how much it will rise, I can't see it going too high for now, probably around 4788 plus or minus 100.
Personal view: The downside bottom may be at 3500-3800. In the short term, I do not expect an upward move to exceed 4600.
Temporary strategy, may operate between 4050 - 4380. If it breaks this range, additional positions will be taken. Currently at the median value. Being out of the market is also torturous. Lightly buy high and sell low within the range, waiting for the market to determine its direction. Greed and fear are always present.
