Market Development might be as following 2 Scenario: Real Bull Scenario: If Breakup plus volume enlarge, after that backtest and getting support above the current Key Resistance Zone (EMA 180+190+200).
Fake Bull Scenario: If Breakup, but volume remain small, after that backtest with no support + free fall. It will be a fake one.
Which one will it be developed?
Our Bias is on the real bull side. Reasons as following: --1. Golden Cross Level provide good support after backtest. --2. After Breakup the long term log downtrend line(Red line) on 7th, Apr, 2019, the market backtest this downtrend line for 2 times zone, it has gotten good support. --3. 50D SMA has provided good support while backtest. --4. Market price kiss the imaging downtrend line (Red)(Along with EMA 180+190+200) for 5 times. Maybe most of the locked up floating positions has been washing out already.
Support: 1. 159 2. 155.5(50 SMA) 3. 147.5 (Log Long Term Downtrend Line+ Golden Cross Point) 4. 142.8 (200 SMA)
Comment
⋅
A closer look by 4H chart
Comment
⋅
Ethereum too weak? Maybe not, in other word that is Bitcoin just catching up Ethereum uptrend speed.
Let's rechecking the history: In 7th Dec. 2018: The Bitcoin US Dollar price was 3,212, at that time Ethereum USD price is 81. Now Ethereum USD price is around 164, double growth of the lowest price in 2018. In other world Bitcoin USD reasonable price might be at 6500 while Ethereum price up to 164.
It is because while Ethereum leading the uptrend from Dec 18' to Feb 19' period, at that period of time Bitcoin USD price did not move up too much.
Comment
⋅
Key Resistance...... Maybe will break the key resistance level on 14th of May, 2019 24th of May, 2019 or 4th of June, 2019
Let's see at that time if Bitcoin will break 6000 or not. If not, maybe will need sometime to build another bottom.
Comment
⋅
It is very active Cross trading between Ethereum and Bitcoin. And we hit and run taking profit of our ETHUSD long position.
Comment
⋅
Good accumulation period, together with Volume steady increased. Let's see if it can break 177-178 Major 200 EMA Resistance with volume.
As mentioned, Cross Trading with Bitcoin is a good strategy. We need to observe if ETHBTC can break the neckline of previous H&S downtrend Key Resistance Level.