There is a head and shoulders showing on the daily for ETCUSD, implying a proceeding bearish reversal.
If you have followed any of my other posts, you will know I believe it is important to consider bitcoins trend when performing TA on cryptocurrencies (Particularly in a bear market like we are now).
BTCUSD has been failing to get past the 1.618 fib I have drawn on the high timeframes. We can see a few fake outs just before price has been pulled back behind the level. I believe BTCUSD will fail this area an fall to 1.414, and eventually the 1 to complete the bear market (Not the point of this trade however).
Also I choose personally to trade in ETCUSD or another coin besides bitcoin on these moves as I find the overall % profit is much higher! A fall of 5% in bitcoin could be 15-20% for ETCUSD - an this is without margin!
If you have followed any of my other posts, you will know I believe it is important to consider bitcoins trend when performing TA on cryptocurrencies (Particularly in a bear market like we are now).
BTCUSD has been failing to get past the 1.618 fib I have drawn on the high timeframes. We can see a few fake outs just before price has been pulled back behind the level. I believe BTCUSD will fail this area an fall to 1.414, and eventually the 1 to complete the bear market (Not the point of this trade however).
Also I choose personally to trade in ETCUSD or another coin besides bitcoin on these moves as I find the overall % profit is much higher! A fall of 5% in bitcoin could be 15-20% for ETCUSD - an this is without margin!
Note
Here's both pairs on the 4H currently with some BBands.A decision is going to be made very soon for BTC as we see the bands tighten and price start trading sideways.
Trade closed: stop reached
BTC has broke the 1.618 - This could be a early call. But better to stay safe.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.