Followup on my last ethbtc pair post. The more I look at the pair, the more I feel I should have posted that last one as Neutral rather than Long. There are conflicting indicators going both directions.
There are several really interesting things going on here on the 2D chart. First of all the macro-pitchfork is looking good. We are sitting around the median line, which is neutral territory. There seems to be a bear div on RSI that looks eerily similar to the last top. Most interesting of all is the potential for a three-drive pattern to play out. Traditionally you look for 1.272 fib extensions of each wave down for the next upper target, then a 0.618 fib retrace. But this is crypto, so to hell with traditional guidelines, right? What we've been seeing is ~416.8% extensions on each run up and ~86% retracements.
This post is just to give you an idea of the overall trend, still very bullish, but neutral/bearish near-term. Not shown here, but the weekly chart shows weekly RSI bear divs throughout each run up, so perhaps it is a continuation signal with this pair.
Last three drive could reach as high as 0.625 by August, 2018.
Also I thought was interesting, although this will change over time, is that the "flippening" so to speak, would occur at a price level of 0.1728 eth/btc if the current circulating supplies of each remained constant.
*THIS IS NOT TRADING/FINANCIAL ADVICE*
There are several really interesting things going on here on the 2D chart. First of all the macro-pitchfork is looking good. We are sitting around the median line, which is neutral territory. There seems to be a bear div on RSI that looks eerily similar to the last top. Most interesting of all is the potential for a three-drive pattern to play out. Traditionally you look for 1.272 fib extensions of each wave down for the next upper target, then a 0.618 fib retrace. But this is crypto, so to hell with traditional guidelines, right? What we've been seeing is ~416.8% extensions on each run up and ~86% retracements.
This post is just to give you an idea of the overall trend, still very bullish, but neutral/bearish near-term. Not shown here, but the weekly chart shows weekly RSI bear divs throughout each run up, so perhaps it is a continuation signal with this pair.
Last three drive could reach as high as 0.625 by August, 2018.
Also I thought was interesting, although this will change over time, is that the "flippening" so to speak, would occur at a price level of 0.1728 eth/btc if the current circulating supplies of each remained constant.
*THIS IS NOT TRADING/FINANCIAL ADVICE*
Note
Following yellow path pretty closely. Will we bounce here or find support around 0.067?Note
Need to hold 0.65 to keep on track for the yellow path.
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Related publications
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.