I'll try and be as brief as possible in this one.
I believe this to be a pivotal month for ETHBTC.
Either we see a full-fledged no-excuses breakdown confirmed with a weekly close below the last wick on said timeframe, or I will continue to think that a macro low is being formed here.
There is everything you want to see here if you're going to take a bullish stance.
1) Confirmed triple bullish divergence on both 1D and 1W.
2) Fake break of structure with a dip down and then pop back up on the 1W.
3) Chance for a 55EMA and 200EMA death cross fakeout inbound on the 1W.
4) Stochastics ready to go back up on both 1W and 1M.
5) Six months and counting of price action hanging onto the lows without truly breaking down.
6) History of ETHBTC losing value after BTCUSD breaks all-time high, only to go back into an uptrend after a few weeks.
7) BTC.D painting a swing failure on the 1W with a confirmed bearish divergence and rejection of the RSI bullish control zone.
This might get all thrown out of the window tomorrow, but as long as the aforementioned points stand, I'll keep believing that one should exercise maximum caution in being bearish at this time and place.
A weekly close above the 55EMA before it crossed the 200EMA will make me even more of a believer of the bullish case.
If that happens, and ETHBTC can also trade above 0.061, I would have no more reason whatsoever to fear a breakdown, thus absolutely confirming a macro low, and looking for a higher valuation.
I believe this to be a pivotal month for ETHBTC.
Either we see a full-fledged no-excuses breakdown confirmed with a weekly close below the last wick on said timeframe, or I will continue to think that a macro low is being formed here.
There is everything you want to see here if you're going to take a bullish stance.
1) Confirmed triple bullish divergence on both 1D and 1W.
2) Fake break of structure with a dip down and then pop back up on the 1W.
3) Chance for a 55EMA and 200EMA death cross fakeout inbound on the 1W.
4) Stochastics ready to go back up on both 1W and 1M.
5) Six months and counting of price action hanging onto the lows without truly breaking down.
6) History of ETHBTC losing value after BTCUSD breaks all-time high, only to go back into an uptrend after a few weeks.
7) BTC.D painting a swing failure on the 1W with a confirmed bearish divergence and rejection of the RSI bullish control zone.
This might get all thrown out of the window tomorrow, but as long as the aforementioned points stand, I'll keep believing that one should exercise maximum caution in being bearish at this time and place.
A weekly close above the 55EMA before it crossed the 200EMA will make me even more of a believer of the bullish case.
If that happens, and ETHBTC can also trade above 0.061, I would have no more reason whatsoever to fear a breakdown, thus absolutely confirming a macro low, and looking for a higher valuation.