Elliott Wave Analysis: ETHBTC Is Finishing A Complex Correction
Hello traders!
Today we will talk about ETHBTC cross cryptocurrency pair, which we see it finishing a complex W-X-Y correction from the lows and it can be approaching important 0.05x resistance area.
ETHBTC is in the recovery mode since September 2019, but the price action is quite slow and the wave structure is overlapped which indicate for a corrective movement, ideally a complex W-X-Y pattern that can be nearing the end as we see it trading in final stages of wave (C)/Y, so be aware of limited gains and watch out for a potential reversal down soon.
The main reason for a reversal down is strong 50 support level on BTC.Dominance chart, while ETHUSD can be finishing a five-wave cycle within extended wave 5.
We believe that reversals may occur exactly when ETHUSD completes its 5th wave. And, if we consider that BTC.Dominance may step back in, then ETH and other ALTcoins may suffer more than BTC in second part of 2021, so carefully in upcoming days/weeks. "Sell In May And Go Away"?
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about ETHBTC cross cryptocurrency pair, which we see it finishing a complex W-X-Y correction from the lows and it can be approaching important 0.05x resistance area.
ETHBTC is in the recovery mode since September 2019, but the price action is quite slow and the wave structure is overlapped which indicate for a corrective movement, ideally a complex W-X-Y pattern that can be nearing the end as we see it trading in final stages of wave (C)/Y, so be aware of limited gains and watch out for a potential reversal down soon.
The main reason for a reversal down is strong 50 support level on BTC.Dominance chart, while ETHUSD can be finishing a five-wave cycle within extended wave 5.
We believe that reversals may occur exactly when ETHUSD completes its 5th wave. And, if we consider that BTC.Dominance may step back in, then ETH and other ALTcoins may suffer more than BTC in second part of 2021, so carefully in upcoming days/weeks. "Sell In May And Go Away"?
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
