Ethereum (ETH) August 2023 (Paid Version With Trades)

Kapproveb Alcyone
Jul 1, 2023
4 min read

Updated: Jul 17, 2023

Month’s Theme: Sideways rotation or multiple false tops and bottoms with back and forth behavior. That’s crossed with an overbought crest or peak that we’ll sell off from.

Behavior Around the High: A sideways-fluctuating decline that precedes a rally.

Behavior Around the Low: A notable technical price level around the low.

Exclusive Trade Opportunities for Subscribers:
- An opportunity to open a short position on the 1st in the midst of a rally to the upside. You could close out of that in the morning of the 5th.
- A day trade opportunity to position oneself in both directions on the 11th. I would open the short position earlier in the day and close it late in the day. I would hold the long position until a peak when we break through key resistance on the 13th.
- An opportunity to open a long position in the midst of a decline on the 19th and close it at the end of the day. If there’s not an opportunity, I would close it on the 20th or 21st.
- An opportunity to open a short position on the 20th in the midst of a fast, sudden move higher. You could hold that overnight until a sharp drop overnight on the 21st. If that doesn’t work out, you could hold it until the 27th.
- An opportunity to open a long position on the 26th/27th in anticipation of a peak or crest at the end of the month or in early September.

Overview

On the 1st, we may have a highest high for the month here. On the 2nd, there’s a prominent move higher and a full retracement of that move back down. On the 3rd, there’s an irrational move to the upside creating a crest or peak and that rally ends on the cusp of the 3rd/4th. We’ll decline into a trough on the 5th. We’ll then have a move to the upside out of that trough pushing the upper end of a range higher. We’ll decline between the 5th and the 6th to a prominent trough at the end of the day on the 6th. We’ll have a significant move to the upside out of that trough, even in the face of seemingly overwhelming headwinds. On the 7th, we’ll have a decline that offers a significant trade opportunity.

On the 8th, we’ll have sideways rotation and a notable trade opportunity. On the 9th, we’ll have multiple failed attempts to break through key resistance and a decline into another prominent trough. On the 10th, we’ll probably break out through resistance at least temporarily. That’s followed by a significant amount of decline on the 11th after meeting a key resistance level on a multi-day scale. We may see a low for the month here. On the cusp of the 11th and 12th, there’s a rally into a peak or crest early in the day on the 12th. There’s a retracement of that move back down into a trough in the afternoon of the 12th. On the 13th, there’s a prominent move higher through key resistance. We’ll stay above it briefly and then break back down shortly thereafter. On the 14th, we’ll have bullish price swings.

On the 15th, bullish price swings continue and may flatten out a bit into some sideways behavior. On the 16th, we’ll have a rally along a diagonal trend line through resistance to meet a secondary resistance and then pull back to somewhere between those two price levels. That’s followed by selling off down through a peak or crest on the 17th. We’ll also see a crest on the cusp of the 17th/18th. There’s another crest/peak on the 19th. There’s a decline off of that peak that offers a trade opportunity. On the 20th, there’s a rally along a diagonal trend line with a fast, sudden move higher followed by a break down through that diagonal trend line with increasing volatility on the way down. There’s a sharp drop early in the day on the 21st.

There’s a trough early in the day on the 22nd. There’s a significant move higher out of that trough that takes us to a peak or crest at the end of the day. There’s more rallying on the 23rd. On the 24th, there’s another peak or crest. On the 25th, there’s a failed attempt to break through key resistance followed by a decline through key support. There’s a sharp decline toward the end of the day on the 25th. On the 26th, we’ll establish support, and that’s followed by a prominent move higher that stands out on a multi-day scale. On the cusp of the 26th/27th, we’ll drop back to a lowest low and have some sideways rotation. On the 28th, there’s a crest late morning. We’ll then sell off from that crest to revisit a support level that we visited before. On the 29th, we’ll meet a key resistance level that we’ve met before and then decline off of that resistance. On the 30th, there’s a pop-and-drop where we’ll meet another prominent crest or peak. On the 31st, we may have another highest high for the month.