ETH tends to follow BTC moves, we all know this. BUT it also tends to follow with much stronger stability, so I don't see it falling all the way to the bottom of the channel like I think BTC will. I could see ETH bouncing off the 78.6 Fib around the @500 level with it being both psychological and a Fib Retracement as support. So that may be a possible short-term trade for those of you like me who have smaller accounts and can not utilize exchanges like Bitfinex where we can short :/
As always I will be constantly watching the markets for necessary adjustments.
As always I will be constantly watching the markets for necessary adjustments.
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ETH broke out above the channel resistance yesterday! I'm waiting to see if it can spend 24+ hours above 700 before I consider going in.
Comment:
ETH posted even more gains today! RSI shows a Bull cross and MACD is diminishing to the upside! All things are pointing North for us!
ETH has been moving ahead of BTC in breaking resistances, while still following BTC's dips and gains. Let's see if ETH can break the descending trendline in white! And then watch to see if BTC follows suit. If they both manage to withstand the impending Bear onslaught we should be doing well!
ETH has been moving ahead of BTC in breaking resistances, while still following BTC's dips and gains. Let's see if ETH can break the descending trendline in white! And then watch to see if BTC follows suit. If they both manage to withstand the impending Bear onslaught we should be doing well!