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.



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Comments

Good job πŸ‘πŸ»
+2 Reply
Great analysis
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you always give refreshing different thoughts, really love that, also always great drawings
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S/R lines are wrong - used closed candles first and not the wicks...
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Even though it is at resistance there is room to run.. ETH can get to $500 and still be testing resistance.. But ETH should fly once it breaks.. It has already doubled in the past couple of months..
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