ETH/BTC ANALYSIS: (MADE ON 25/01/2022!) - Original photo linked below
Let's start! 💻📱
First, let's take a look at the past months for $ETH in comparison to $BTC.
👉 After the heavy rise of $ETH in May, we formed a new Range consolidation. This range held for a few months, and was broken out of + retested --> indicating we reamined short term bullish.
👉 We couldn't break an important resistance level and started to lose bullish momentum, shown in the following 2 retest of the Range High. The more we test a support level, the weaker it becomes.
👉 We failed to hold this Range high + made a bearish retest of it --> indicating further short term bearishness.
👉 We have recently bounced of the 0.5 fib level of this range, so I'm expecting this to be the short term bottom for $ETH.
👉 In order to remain bullish, we need to claim a few levels. First one is the Daily Demand and the second one the Weekly Demand.
👉 Failing to claim these --> likely to revisit the Range Low and take some resting liquidity there.
Hope this helped some of you. 💪
Oli 🤙
Let's start! 💻📱
First, let's take a look at the past months for $ETH in comparison to $BTC.
👉 After the heavy rise of $ETH in May, we formed a new Range consolidation. This range held for a few months, and was broken out of + retested --> indicating we reamined short term bullish.
👉 We couldn't break an important resistance level and started to lose bullish momentum, shown in the following 2 retest of the Range High. The more we test a support level, the weaker it becomes.
👉 We failed to hold this Range high + made a bearish retest of it --> indicating further short term bearishness.
👉 We have recently bounced of the 0.5 fib level of this range, so I'm expecting this to be the short term bottom for $ETH.
👉 In order to remain bullish, we need to claim a few levels. First one is the Daily Demand and the second one the Weekly Demand.
👉 Failing to claim these --> likely to revisit the Range Low and take some resting liquidity there.
Hope this helped some of you. 💪
Oli 🤙
We did break the Daily Demand + rejected the Weekl Demand. (scenario 1)
We are currently holding the Daily Demand as support, so as long as this holds, I'm remaining bullish on ETH/BTC.
Will keep this updated.
Oli