ETH/BTC Promising but hurdles to overcome
Updated
Bullish signs such as RSI divergence and higher lows may be seen as shown in the chart, as well as good fundamentals and growth of the ETH network, ETH 2.0 coming, DeFi and more. However, major resistances in the weekly-monthly time frame still need to be overcome.
1. Downward channel around 0.2 needs to be broken before moving higher
2. A break above the resistance in the 0.23-0.24 area is needed and may suggest a major change in market sentiment, with a formation of possibly a double bottom in the monthly time-frame.
Good risk to reward ratio if holding for long term and low leverage. May consider tight stop loss between 0.0188 and 0.184 if using higher leverage
1. Downward channel around 0.2 needs to be broken before moving higher
2. A break above the resistance in the 0.23-0.24 area is needed and may suggest a major change in market sentiment, with a formation of possibly a double bottom in the monthly time-frame.
Good risk to reward ratio if holding for long term and low leverage. May consider tight stop loss between 0.0188 and 0.184 if using higher leverage
Note
Prices remain above the support around 0.188 and the yellow support line, perhaps we will see a retest of R2 and maybe movement higher. Zooming into the 15 minute chart, we can see a small horizontal resistance formed around 0.0195 that we need to break first.Trade active
ETH/BTC remains above support and is close to retesting R2 and 0.0196; hopeful that it will break up especially considering BTC had moved higher recently. RSI remains above 40-50 and MACD looks good.Trade active
Fortunately ETH/BTC Broke above R2 as previously analyzed around 0.020125 with a slight pause establishing R2 as a possible support. More and more plausible that price will move towards or break R3 with congestion possible congestion around 0.0218-0.0231.Note
Price finally broke R3 and double bottom formation. A brief look at the price suggests a possible target of 0.026 according to Fibonacci 1.414 level. Will post an updated idea
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