ETHUSD Analysis (12th May 2024)

Crypto Analysis (12th May 2024)

ETHUSD Analysis

On 1 hour timeframe , Price has created a 1 hour bearish FVG, indicating bearishness.

Currently, price action is retracing towards the 1 hour FVG slowly, but hasnt tested it yet. There are 2 high probability scenarios that could play out.

1) Price taps into this bearish FVG and rejects created a 15 minute Change of Character. IF prices does this, I want to see a body candle closure to ensure that the Change of Character is a strong one. After that happens, i want a retest into the CHOCH level before looking to sell.

2) IF price just continues to push higher past the 1 hour FVG, the FVG will be invalidated and wee will be looking for buys above 3019 level with a body candle closure above that level. Break and retest will be valid here.