ZOOM out When in DOUBT. ETH making textbook move against BTC. Retesting long term resistance, flipping it into support.
ETH has been holding up great against BTC, with fundamentals line the release of EIP1559 on the horizon and further down the line "The Merge".
Megaphone structure. Not on the log chart.
Retesting the upper resistance right now. If this breaks up, we are up to the races. Its actually stimulated by the breaking of the diamond pattern (target 27K). Looks like the perfect storm. Incredible
Bottom of multi month trading channel
Top of previous swing high.
Many reasons for selling pressure to drop at these levels and buying pressure to increase.
Big question is IF bitcoin will continue on its unstoppable rampage to take out 13.8 or not. Sideways action might allow Eth to get a breather here or get a full bounce. I do expect at least a...
ETH has been in a downtrend to BTC since beginning 2018. The falling wedge is nearing the end. Support below is slowly trending up. Will FA/launch beacon chain generate a massive bull to the upside or will a delay or massive BTC move push us down. I dont want to miss out on a possible ETH/BTC pump. If it comes it will be massive.
Still keep >70% in BTC folks or more.
BTC on the log scale/daily, forming a perfect acending triangle hitting the resistance line touching the recent highs (downsloping channel).
If the 60% chance bearish ascending triangle plays out you will see a revisit of the 4500 lows.
The MA 50 offers some stiff resistance as well making a drop more likely.
Anyway, this is BITCOIN so we never now. A move up...
- 200 week moving average
- Long term (log chart) support line
You may expect some support here but with the US markets about to open (and probably dump like in Europe, e.g. Dutch AEX dumped 3,4%).
Very interesting to see what will happen.
Nobody can predict.
The support levels are clear.
Will we wick below (temporary?)
Or will bitcoin show its...