Ethereum (ETHBTC) just had a bullish breakout against Bitcoin and is gaining momentum.
On the chart above, we can see the following:
Great momentum to break pass EMA10 and EMA50.
Trading volume increasing to the side of the bulls.
MACD moves above 0 (enters the bullish zone).
RSI is strong and moving above resistance, came out of oversold recently.
Ethereum 2.0 coming out at the end of the year
Altscap primed for bounce off supplyzone
and bitcoin dominance looking toppy
Looks like it may outperform BTC for the coming weeks/ months
have a solid position stoploss is IHS formation area apprx .0175btc
We play with Smartmoney concepts, that means that we look mostly on PA to determine what will happen in future.
As we all know, price is moved by BIG players: Banks, Institutional traders, HFT bots (we call them all of them SM).
They can't play as we do, cause of a HUGE lot sizes, so cause of that they need to SELL to BUY and BUY to SELL for...
If you have seen my previous analysis on ETH, then you know that I have been bullish on it, I was looking at a price objective of 220 for the falling wedge. It appears like it might be hit, however, we will have to see how that plays out. It has made a move to 195 and it has seen greater growth than bitcoin (which aligns with one of my macro theories), so I wanted...
Charts dont lie, longed the edge of the USD pitch which happened when the BTC pair broke resistance. USD is now on the median which has been a strong resistance lately and decided to cashout 50%of the long position to bunker the trade in profit. SL set on entry for the remaining part.