Good morning traders,
I am of the mind that ETH is and will be showing strength in trend and tradability against bitcoin. As we can see in the above chart ETH has held the 50 SMA since mid April and the Ichimoku cloud since mid may. Contrast that with Bitcoin, which has been below the 50 SMA and in the cloud for ~3 weeks.
Back to ETH and the chart in the post; if bitcoin bounces up off the cloud base, retakes the 50, etc, ETH will have an opportunity to run. The fuchsia lines represent resistance and support, the blue line is the height of the triangle, which gives us full performance target to over $300. ETH spent two weeks fighting to break 290 and failed; It would not be unreasonable for us to fail there again, getting roughly 50% of the flagpole. Getting 100% would put us at the bottom of the last battle box, back at the end of the bull run of 2019. But sprinkle in a little halvening magic and hash ribbon buy signal into the mix and it could be appreciating nicely.
I'm also watching ETHBTC; on the daily ETHBTC has been above and below the cloud, but on the weekly it appears to be getting ready to waltz out of the cloud, which could be insanely bullish for ETHUSD as well as ETHBTC
This is just the bull case. Its entirely possible that ETHUSD follows BTCUSD dips into the clouds and starts wetting the bed along with the SPX which has yet to set an ATH since Feb.
I am of the mind that ETH is and will be showing strength in trend and tradability against bitcoin. As we can see in the above chart ETH has held the 50 SMA since mid April and the Ichimoku cloud since mid may. Contrast that with Bitcoin, which has been below the 50 SMA and in the cloud for ~3 weeks.
Back to ETH and the chart in the post; if bitcoin bounces up off the cloud base, retakes the 50, etc, ETH will have an opportunity to run. The fuchsia lines represent resistance and support, the blue line is the height of the triangle, which gives us full performance target to over $300. ETH spent two weeks fighting to break 290 and failed; It would not be unreasonable for us to fail there again, getting roughly 50% of the flagpole. Getting 100% would put us at the bottom of the last battle box, back at the end of the bull run of 2019. But sprinkle in a little halvening magic and hash ribbon buy signal into the mix and it could be appreciating nicely.
I'm also watching ETHBTC; on the daily ETHBTC has been above and below the cloud, but on the weekly it appears to be getting ready to waltz out of the cloud, which could be insanely bullish for ETHUSD as well as ETHBTC
This is just the bull case. Its entirely possible that ETHUSD follows BTCUSD dips into the clouds and starts wetting the bed along with the SPX which has yet to set an ATH since Feb.
Trade active:
Target Reached, getting stops tight, but playing over performance
