ETH: Downtrend Is Broken! It’s ALTSZN

Alts are pumping these days. What is going on? Well, if you’ve been following my TradingView page, it’s pretty clear to you what is going on. Back in November I published an Idea called «When the Altseason?» and pointed out some cycle nature of altseason which historically have had a lot to do with ETH moves.

I was waiting for the Altseason to start somewhere between December and the first week of February. And that’s exactly what we’ve got!
Bitcoin forks (BCH, BSV, BTG), Dash, ETC, ZEC started pumping hard in mid January. Other coins followed. BTC dominance declined by 6%.

Now let’s get back to Ethereum

ETH/BTC had been moving under the declining trendline for 2 years and in Mid January we broke out, retested former Resistance as Support and now we are ready to go. Downtrend is eventually broken

ETH/BTC daily

On the daily we broke above MA200 and EMA200. That’s a very bullish sign.

ETH/BTC Weekly chart

On the weekly it’s all about that horizontal resistance line. The actual party starts the moment we break it. First (and very conservative target) target would be EMA50. We can easily see ETH reclaim 0.03 level (EMA100).


What do you think about it? Give us your opinion in the comments!





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Comment:

First target (0.025) successfully reached!
Profit 16%