Haven't posted in ages so I thought why not post a chart again so here we are with ETH/BTC since that one is the most intriguing in my opinion.
The recent move down has nearly gotten exponential and now we are at a point of a old that has been tested two times that triggered a heavy bull trend but the market in which ETH finds itself is still .
Even if ETH/BTC goes up it might be more beneficial to be in USD till the market turns around. ( If BTC/USD goes down but ETH/BTC goes up you gain more if you are in USD. )
Regardless lets take a look at the trends and how the next one might form.
To keep it simple and quick I have put all references towards trend finding in the chart for and cases.
Sideways has not been mentioned since you can't easily and accurately spot that until it happens ( hence why whipsaws exist ).
In short it looks like ETH/BTC's down trend is out of it's current pace and has stopped following the momentum trend ( green arc ) which is a "bullish" indication since it got less .
The green support line is the next support to keep a eye on if it does go lower. It is far from , the current trend switched momentum which means that a reversal is possible but there are no signs of it yet but it is a indication for a mean reversion scenario which can whipsaw longs that get late to the party.
Some of the early signs are pointed out in the chart for later reference.
- Bearish Market Influence
- Bearish Trend
- Momentum Trend switched
- Support Level Coming Up
- Mean Reversion
- USD vs BTC vs ETH = USD is beneficial
- ATR is the earliest sign
- Mean Reversion could end up with whipsaws
I hope this helped you and you liked reading this, if you have thoughts about ETH/BTC/USD share in the comments!
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Overall the sideways trend turned bearish ( duh ) with this years final support closing in fast.
This is not confirmed divergence