lewistz

ETH/BTC - ABC Correction - Look for trend reversal / Long /

Long
BITSTAMP:ETHBTC   Ethereum / Bitcoin
Charted out an ABC correction in ETH/BTC from the Sep 21 high of .0858 , You can see the Fibonacci levels fit very well into this correction down to Nov 2 bottom of .0379 Fib level of .618 showed signifcant support until it broke October 8th. Fib .5 retracement lines up perfectly in this correction as well. Then finally we see the .236 support level lining up with a price of .050

We are currently above short term resistance level of .0410. If we can break above .043 and hold above for at least one session I would look to initiate a long position. I am going to be watching this one over the course of the next few days.
Trade active: Go long ETH/BTC. we are above .43 and I see this continuing as BTC holders looking to consolidate gains into Alts
Trade active: perhaps keep a stop at .4160-.4180 range. Its going to be hard to hold on to any trade today with volatility.

Comments

perhaps keep a stop at .4160-.4180 range. Its going to be hard to hold on to any trade today with volatility.
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