waiting for ETHBTC to either breakout or breakdown from this current support/resistance zone ... whatever direction it decides, I expect a big move
Trade active:
if ETHBTC can’t get back above its long term support level (red line), I think we might see another leg down and I will be looking to buy ETH/alts when the ETHBTC ratio gets to around the .618 Fibonacci level (.01845) or as low as (.01423) if .618 doesn’t provide support.
Trade closed: target reached:
after ETH/BTC broke its long term support level (red line), I was waiting for the orange line near the .618 Fibonacci line (.01845) before I started buying ETH again. I think the ETH/BTC has a good chance to react at these levels, but the real question will be how does BTC/USD hold up because a ETH/BTC move will not necessarily mean ETHUSD going up, especially if BTCUSD breaks down.
In short, I am ready to start buying ETH again based on its ETH/BTC price, but will be waiting to see how BTCUSD does before establishing any meaningful position. If BTC/USD doesn't breakdown, Im looking for ETHUSD to make a pretty significant move to the upside
In short, I am ready to start buying ETH again based on its ETH/BTC price, but will be waiting to see how BTCUSD does before establishing any meaningful position. If BTC/USD doesn't breakdown, Im looking for ETHUSD to make a pretty significant move to the upside