teenhcl

[ETHBTC] Need more confirmation if ETH will outpace BTC

BITFINEX:ETHBTC   Ethereum / Bitcoin
There were some bright movements of ETH lately compared to BTC             . However, technical analysis indicates that there is a higher probability that ETH will fall to the bottom of the triangle, if ETH doesn't manage to hold 0.058 Satoshi level. The bottom target would be 0.036.

If it holds then we may see a rally up to the top of the triangle (around 0.107), which will most likely reject ETH to reverse the trend downward again.

At this moment I would sit back and watch if ETH breaks down the newly formed uptrendline (white). Based on the price action I could go for long with ETH, or wait a little longer to see ETH hit the bottom. Whether to open a position would also highly depend on the trend of BTC            
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