CountOnCrypto

CountOnCrypto - Ethereum : Bitcoin Bull Flag - 11/08/2021

Long
BINANCE:ETHBTC   Ethereum / Bitcoin
Good morning TradingView, there is currently a large bull flag on the ETH:BTC pair, I have had this charted for a while now but only just realised it broke out. I'm expecting another breakout very shortly; I will be looking for confirmation of a volume spike this daily close on the money flow index. It appears that we're already breaking out slightly but it's too early to confirm, the spike in volume would be best met with a decrease in Bitcoin Dominance, you can view that on the BTC .D chart! The recent higher high that began to break above the
.5 Fibonacci retracement level but Bitcoin out-performed Ethereum then. You can view evidence of that by backdating both charts in confluence with the dates.

You should also research the Bitcoin dominance cycle, there is a great guide on this found here on TradingView.


Finally, the breakout based on the flagpole(s) would coincidentally bring us to the same level at 0.082400; this would coincidentally be a double top .

Please do your own research before entering money in the market, trading is very hard and requires lots of practice.

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