ETHBTC is slightly overextended, and I think BTC.D is temporarily bottomed out. My personal strategy is to take profit between here at 0.067, and rebuy in the cyan boxes. This setup will be invalidated if it ETHBTC breaks substantially through 0.067 and holds this level for at least a week.
Trade active
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Now!
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Bearish divergences like this with decreasing volume have a high probability of retracing (in this case, down to the first cyan box). There is a much lower probability of pumping to break the divergence.
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Very interesting developments. The market crashed very deeply in USD value, but BTC was decidedly *not* a safe haven during the dump. ETHBTC retested and bounced off of the 0.06 level, so currently this setup is currently invalidated. I'll still keep it on watch in case the 0.06 level breaks down.
If we use this last tan box as support we could possibly see another hike up perhaps what do you think
swilton
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@JasonW6680, Need to wait for the daily and weekly candle close. If the daily closes above the tan box and it can hold and close above it for at least one more day, that's a pretty positive sign of another hike up. If the weekly closes above the tan box, that's a *very* good sign for ETH. At this point, I still expect a retrace. There are too many coins paired relative to ETH at irrational lows or hitting massive support lines. For some random examples: XTZETH is at all time low even though the XTZ network usage has been growing by 3x per month for the last 3 months. LINKETH is above all time low, but approaching pretty massive support. The ETH network is too immature for a lone-wolf run like this to continue indefinitely. You'd think with this isolated price movement that ETH2.0 arrived early, but it isn't even close.
linkinparkman
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Institutions are buying Eth faster than btc, that's why it went up $1000 in a week. Call a friend at Goldman and JPM, find out off the record...
swilton
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@linkinparkman, Not sure what you're getting at. You think next week will be a repeat of last week and ETHBTC will move up double digit percentage points? You think the price ratio will never go down and none of my targets will hit? Someone's gotta buy the top, whether it's an institution or a retail investor. This is the top for now. Come back to this chart in a month.
linkinparkman
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@swilton, I'm saying you should buy calls when there is a dip and acquire more Eth. You can sell and enjoy those cap gains tax, but the goal should be to acquire more Eth. I think the ratio stays the same over the next few weeks but Eth goes to 5K much quicker than ppl think. I already know institutions are shadow buying, they will on record in July after EIP-1559 mainnet release most likely. Eth had a 13% dip yesterday, I just loaded more calls. I exercised calls yesterday at $4120+ from 3 weeks ago. Easy money...
JasonW6680
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Hey brother can you please show me how to set up my btc and eth chart on the same so i can make my chart like yours. Please i would love to trade eth but dont how to det this up
swilton
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@JasonW6680, What are you having trouble setting up? This is just standard ETHBTC data from Binance exchange. At the top-left corner of your chart view you should see a box with the symbol name in it. If you hover your mouse over the box you'll see 'Symbol Search' popup. Click that box and search for BINANCE:ETHBTC. The indicators on the bottom are just standard RSI and MFI. Near the top-center of your chart view, you should see a little button with a symbol that looks like 'fx'; if you hover your mouse over that, it should show a pop up that says 'Indicators and Strategies'. Search for Relative Strength Index, and Money Flow Index.
JasonW6680
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@swilton, Thanks man i just had to zoom out alot to find it lol. I was looking for this thing the whole time