TradingShot

ETHBTC Time to ease on Ethereum before the next Bull?

BITTREX:ETHBTC   Ethereum / Bitcoin
This idea is based on the notion that the dominant pattern of ETHBTC since the 2017 All Time High, is a Cup. As you see on the chart, we should be past debating whether or not the market has made a bottom as the price not only broke above the 1W MA50 (the blue trend-line) but is also about to test the 1W MA200.

That brings us to the essence of this idea, as near the 1W MA200 (which is by itself a Resistance), there are other several strong Resistance levels:

1) The Lower Highs trend-line started on the June 2017 High.
2) The 0.382 Fibonacci retracement level.
3) The White Curve, which is the Resistance of the Cup pattern with several rejections.

ETHBTC remains very bullish long-term but the above should wave a flag that we may get another good buy opportunity lower, potentially near the 0.236 Fibonacci retracement level, which provided Support on several occasions.



** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!


Shout-out to TradingShot's top TradingView Coin donor this week ==> @scheplick

Join Tradingshot's Account Management program!
πŸš€πŸ‘‘
*High monthly profit, +10000 USD accounts
*Contact info@tradingshot.com

πŸ’² I am trading on PHEMEX the Best Crypto Trading Platform.

πŸ’°Claim up to $4100 sign-up bonus here ==> https://bit.ly/3y08kaP
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.