objectivemoon

ETHBTC to monitor this week

BINANCE:ETHBTC   Ethereum / Bitcoin
Hello everyone, I usually never share my technical analysis but this time I feel the need to share this idea.
BINANCE:ETHBTC Ethereum is a leader in term of Altcoins seasonality because it is the king of the altcoins and the latest often follow a new ethereum trend especially if it becomes bullish .

What we can see on the weekly candles is that we are forming a falling wedge in white ( bullish ) and indicators point out that we might have broken out of the bearish trend .
We are also moving into a bigger falling wedge (orange) and getting to a possible crossing point. There is heavy resistance to fight and we have to go over around 0.033500 and confirm to be strong.

I know everyone is most likely saying ethereum is going to crash and that's a possibility pairing with FIAT because the overall market is still suffering and the directions are unclear and volumes decreasing.
Congratulations if you read this you have seen much worse.

But if you are into accumulation, I would consider monitoring well what happens this week in BINANCE:ETHBTC because there is a possibility to enter an alt season and it will also be a really good sign for Ethereum vs Bitcoin traders.
If we don't then you can guess also on this pattern where we are going.

Safe trades everyone, hope i could help.
Comment:
We did breakout upwards the smaller falling wedge on the weekly but we found heavy resistance at the MA 9 (moving average).
We are still in the upwards move as you can see with indicators.
Pay attention for breakout or rejection. Happy trades.
Comment: We are holding on the 61% fibonacci retracement at the moment.
The Stochastic response is best shown it the following screenshot, which would potentially match all other indicators and moves.
Comment:
Now we appear to have broken upwards of the smaller and thus the bigger falling wedge in this weekly setting.
We are sitting on the moving average (MA 9) and we are between one major support and another major resistance.
Indicators seem to still point out that we should confirm that bounce.
Time will tell and nothing is ever certain but monitor well !
Happy trades
Comment: I slightly changed the placement on the higher resistance of the falling wedge btw because the pattern is not perfect.
Keep in mind we do need a real confirmation, especially because I havent seen any capitulation candle yet in the market and I still have my doubts !
Comment: Well ETHBTC has certainly showed us strenght the past days !

For me as I initially said in my first post, Ethereum is still the King of the altcoins and usually each alt season we have known in the past 2 years has been started by it.

We could monitor a few big moves the last 2 days on this alt market, depending on the strenght of the correction that follow, it will be a good indicator: a normal correction will point out to a strong season and a huge correction could abort it.

Be safe. Happy trades.
deceit ehh
+1 Reply
objectivemoon Vermillionz
@Vermillionz, It's weekly candles, remember it can happen also next week.
For now we are still under Moving Average 9 and below major resistance at 0.033600 so yes this is going to be a hard challenge.
But we are still in the pattern it is too soon to decide.
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