ETH has been channeling from roughly 400 to 500 in this ascending type pattern. I think the charts are pretty self-explanatory and you can see the channel it's formed and trendline fans its bounced between. Since we haven't had a significant move to the upside after breaking the main orange trendline or the alternative red one. It raises more questions than answers for me. Namely, 2.
Is it appropriate to go long at the lower end of this channel with BTC at this potential crossroads? Then we get another move up?
Or are we just forming a massive bear flag that is going to push eth lower?
Some technicals that stick out:
MACD on the weekly is negative but momentum is slowing.
MACD on the daily is slowly meandering up, but slow momentum there as well.
WIth ETH/BTC in this massive wedge, I worry that the upside potential in ETH will be limited, i would prefer to have that at some sort of support point before going long on an ETH pair. rpobably the best example is recently BTCUSD had a major push up while ETHUSD was limited heavily. Should be interesting to see what happens here.
Happy Trading,
-Sherem
Is it appropriate to go long at the lower end of this channel with BTC at this potential crossroads? Then we get another move up?
Or are we just forming a massive bear flag that is going to push eth lower?
Some technicals that stick out:
MACD on the weekly is negative but momentum is slowing.
MACD on the daily is slowly meandering up, but slow momentum there as well.
WIth ETH/BTC in this massive wedge, I worry that the upside potential in ETH will be limited, i would prefer to have that at some sort of support point before going long on an ETH pair. rpobably the best example is recently BTCUSD had a major push up while ETHUSD was limited heavily. Should be interesting to see what happens here.
Happy Trading,
-Sherem
Trade active:
I am going to take a trade at this $453 point for a LONG in ETH. ETH/BTC is approaching a bottom and we have yet to have a move in ETH. New chart update as an fyi -
