Bitcoin (BTC/XBT) & Ethereum (ETHUSDT/ETHBTC) Update 2021/06/01
Bitcoin (BTCUSDT)
Bitcoin broke out of the W bottom yesterday, and is now retesting the neckline of the breakout at 36.5K. It's a bit bearish that price closed below this neckline, but we need to see if price can close above the 36.5K level. If price moves lower, we have the 61.8 Fib @ 35.6K
Ethereum (ETHUSDT)
Ethereum had a nice 10% rally after breaking out of the W bottom pattern. It is now retesting the 200MAs in the 2550-2600 zone. If price bounces off of this level and establishes the 200MAs as support, we could see a nice second leg up. There is also a larger W bottom pattern that is potentially forming, with the neckline at 2900. If price breaks above 2900 with strong volume, the potential target out of this pattern would be 4K+, an absolutely huge move.
Ethereum (ETHBTC)
The ETHBTC pair also had a nice rally after breaking out of the W bottom pattern. I actually took a long on this pair, which I shared live, so congratulations to everyone who took the trade.ETHBTC ran into some resistance at the 61.8/golden pocket at 0.072-0.073, which has been serving as the main resistance level for the past few days. As with ETHUSDT pari, the ETHBTC pair also has a huge potential W bottom forming, with the neckline lining up with the golden pocket at 0.03. Should price break above this level, the potential target is 0.09+, which would be a new high during this bull market
As always, im not a financial advisor, DYOR, and stay safe!
Bitcoin broke out of the W bottom yesterday, and is now retesting the neckline of the breakout at 36.5K. It's a bit bearish that price closed below this neckline, but we need to see if price can close above the 36.5K level. If price moves lower, we have the 61.8 Fib @ 35.6K
Ethereum (ETHUSDT)
Ethereum had a nice 10% rally after breaking out of the W bottom pattern. It is now retesting the 200MAs in the 2550-2600 zone. If price bounces off of this level and establishes the 200MAs as support, we could see a nice second leg up. There is also a larger W bottom pattern that is potentially forming, with the neckline at 2900. If price breaks above 2900 with strong volume, the potential target out of this pattern would be 4K+, an absolutely huge move.
Ethereum (ETHBTC)
The ETHBTC pair also had a nice rally after breaking out of the W bottom pattern. I actually took a long on this pair, which I shared live, so congratulations to everyone who took the trade.ETHBTC ran into some resistance at the 61.8/golden pocket at 0.072-0.073, which has been serving as the main resistance level for the past few days. As with ETHUSDT pari, the ETHBTC pair also has a huge potential W bottom forming, with the neckline lining up with the golden pocket at 0.03. Should price break above this level, the potential target is 0.09+, which would be a new high during this bull market
As always, im not a financial advisor, DYOR, and stay safe!
