Why I think ETH has a ton of upside potential against BTC
Looking at ETH on the weekly charts, we can see it's changed from a downtrend to an uptrend, as Higher Highs and Lows have started to form.
We can see the current Weekly supply block (Channel with red borders) has been mostly eaten away the last time we came here, weakening it.
There is still the Daily zone (Blue borders) within it that held last time, but the fact we formed a HL and came back into it gives me confidence it's going to break.
That break may not come this time, we may come back down for another test of the trendline or the weekly zone we just created, or even some of the daily zones
we've created as we pushed back towards this area.
The reason this excites me is there is a very good chance once we pierce this zone, we will move hard and fast.
Looking at price as it came down to the recent lows, we can see it essentially fell in one elongated move, there wasn't any consolidations or pullbacks.
This typically means when price does move through this area again, we can expect to see something similar, as there aren't any levels in that area for traders to take profit or open shorts at.
The first significant level is the weekly EQ level atr 0.0545, and from current price that's a whopping 48% on spot. There is also a weekly supply zone here, but as it formed on a pause in the drop, not
a pivot point, it's likely to be a weaker level.
The next significant Supply zone is at around 0.085000 and lines up beautifully with the 61.8 of the entire move downwards. A monstrous 108% gain from current price.
I'm already in a position anticipating this break, from the weekly demand zone formed recently. I've taken some profit at the current zone but am still in the majority of my position, I see this as a great long term play.
Zoomed in on the daily these are the current ways I see ETH playing out
Either a break and run now, or a retrace to one of the lower daily blocks or even the lowest, weekly block.
As we can see they offer huge gains, even only to the first zone.
If you're looking to accumulate sats over the long term, I beleive ETH offers a fantastic opportunity to do so.
We can see the current Weekly supply block (Channel with red borders) has been mostly eaten away the last time we came here, weakening it.
There is still the Daily zone (Blue borders) within it that held last time, but the fact we formed a HL and came back into it gives me confidence it's going to break.
That break may not come this time, we may come back down for another test of the trendline or the weekly zone we just created, or even some of the daily zones
we've created as we pushed back towards this area.
The reason this excites me is there is a very good chance once we pierce this zone, we will move hard and fast.
Looking at price as it came down to the recent lows, we can see it essentially fell in one elongated move, there wasn't any consolidations or pullbacks.
This typically means when price does move through this area again, we can expect to see something similar, as there aren't any levels in that area for traders to take profit or open shorts at.
The first significant level is the weekly EQ level atr 0.0545, and from current price that's a whopping 48% on spot. There is also a weekly supply zone here, but as it formed on a pause in the drop, not
a pivot point, it's likely to be a weaker level.
The next significant Supply zone is at around 0.085000 and lines up beautifully with the 61.8 of the entire move downwards. A monstrous 108% gain from current price.
I'm already in a position anticipating this break, from the weekly demand zone formed recently. I've taken some profit at the current zone but am still in the majority of my position, I see this as a great long term play.
Zoomed in on the daily these are the current ways I see ETH playing out
Either a break and run now, or a retrace to one of the lower daily blocks or even the lowest, weekly block.
As we can see they offer huge gains, even only to the first zone.
If you're looking to accumulate sats over the long term, I beleive ETH offers a fantastic opportunity to do so.