Wiggle wiggle wiggle... ETH countertrend to BTC correction?
Technical view on ETH (find a macroview chart in update section) seems to corroborate an idea mentioned in my earlier post today on BTC (it is linked below), i.e. we might see a technically supported correction in BTC at the end of April indeed.
The wedges in ETH's chart seem to equally converge towards a very pointy area of "forced decision making" by the market that coincides with a crucial fib levels - both circle and fans - as well as BTC's potential breaking point in a narrow - essentially similar- time-frame, i.e. towards the very end of April (potentially around April 29).
ETH seems to wiggle itself into this pennant accordingly, with a slight downtrend bias. This bias might not be totally surprising, as BTC will likely kick it up a notch testing its long-term upper trend line before a correction as mentioned in my earlier article (linked below).
So what could this mean overall?
If BTC corrects as expected, substantial equity could very likely shift into ETH positions, and comparatively sudden. Both ETH upturn and BTC correction are on the cards in many a traders hands, so there could be plenty of action ahead (probably when I'm asleep, as usual).
I keep these thoughts as kind of a logbook, so I can revisit later, and see what worked out, and what didn't, to improve my analysis skills over time.
Obviously, you should not rely solely on this idea for your trade decisions. Research, analyse, make a decision accordingly.
All the best for your trades!
TL;DR:
Technical indicators temptingly support expected first BTC Elliot correction wave that could coincide with major ETH upturn at the very end of April.
The wedges in ETH's chart seem to equally converge towards a very pointy area of "forced decision making" by the market that coincides with a crucial fib levels - both circle and fans - as well as BTC's potential breaking point in a narrow - essentially similar- time-frame, i.e. towards the very end of April (potentially around April 29).
ETH seems to wiggle itself into this pennant accordingly, with a slight downtrend bias. This bias might not be totally surprising, as BTC will likely kick it up a notch testing its long-term upper trend line before a correction as mentioned in my earlier article (linked below).
So what could this mean overall?
If BTC corrects as expected, substantial equity could very likely shift into ETH positions, and comparatively sudden. Both ETH upturn and BTC correction are on the cards in many a traders hands, so there could be plenty of action ahead (probably when I'm asleep, as usual).
I keep these thoughts as kind of a logbook, so I can revisit later, and see what worked out, and what didn't, to improve my analysis skills over time.
Obviously, you should not rely solely on this idea for your trade decisions. Research, analyse, make a decision accordingly.
All the best for your trades!
TL;DR:
Technical indicators temptingly support expected first BTC Elliot correction wave that could coincide with major ETH upturn at the very end of April.
Comment:
Macroview
Trade active:
ETH outperforms timeframe expectation with a strong rally.
I suspect one of two scenarios.
Scenario 1(pink 1):
We go straight up to the the 0.5 fib speed fan line around the 0.07 BTC mark, i.e. beyond the $100 USD mark.
Scenario 2 (pink 2):
We retrace back to the 100% fib level, and/or the 0.38 fib speed fan line
I think we might be overbought on daily, so caution seems prudent here.
But boy, in the long term, I suspect this one has got legs to run, assisted by strong fundamentals.
Good luck!
I suspect one of two scenarios.
Scenario 1(pink 1):
We go straight up to the the 0.5 fib speed fan line around the 0.07 BTC mark, i.e. beyond the $100 USD mark.
Scenario 2 (pink 2):
We retrace back to the 100% fib level, and/or the 0.38 fib speed fan line
I think we might be overbought on daily, so caution seems prudent here.
But boy, in the long term, I suspect this one has got legs to run, assisted by strong fundamentals.
Good luck!
