Looks like ETHBTC is gaining momentum, alt season coming?
Ethereum is well known as the altcoin that represents the entire altcoin market. Once we see upside momentum on ETHBTC pair, usually it is followed by the upside momentum of other alts. In 2017 it was followed by entire altcoin market making an astonishing bull run but recently bullishness in this pair caused only majors to move.
It is hard to say what it will cause this time but after breaking below support, it reclaimed it again which is a pretty bullish sign. If you are looking to long/buy XRP/BTC, there are 3 areas you can use for invalidation. For hodlers, it is the third area because that's monthly support and if we broke below, we could see easily 20-30% more to the downside. For swing trading, the area I would consider using as the stop loss is an important daily level that was first to form bigger rejection after breaking the major support level. The stop loss for day trade is the first level acted as support after breaking the major support.
The potential we have is huge. If price finally breaks out from this range, we could see ETHBTC reaching all the way up to the TARGET 3 which would be the move of around 60%.
It is hard to say what it will cause this time but after breaking below support, it reclaimed it again which is a pretty bullish sign. If you are looking to long/buy XRP/BTC, there are 3 areas you can use for invalidation. For hodlers, it is the third area because that's monthly support and if we broke below, we could see easily 20-30% more to the downside. For swing trading, the area I would consider using as the stop loss is an important daily level that was first to form bigger rejection after breaking the major support level. The stop loss for day trade is the first level acted as support after breaking the major support.
The potential we have is huge. If price finally breaks out from this range, we could see ETHBTC reaching all the way up to the TARGET 3 which would be the move of around 60%.