ETH/BTC ANALYSIS: (MADE ON 25/01/2022!) - Original photo linked below https://www.tradingview.com/x/2cRBdWO3/
Let's start! 💻📱
First, let's take a look at the past months for
ETH in comparison to $BTC.
👉 After the heavy rise ofETH in May, we formed a new Range consolidation. This range held for a few months, and was broken out of + retested --> indicating we reamined short term bullish.
👉 We couldn't break an important resistance level and started to lose bullish momentum, shown in the following 2 retest of the Range High. The more we test a support level, the weaker it becomes.
👉 We failed to hold this Range high + made a bearish retest of it --> indicating further short term bearishness.
👉 We have recently bounced of the 0.5 fib level of this range, so I'm expecting this to be the short term bottom for $ETH.
👉 In order to remain bullish, we need to claim a few levels. First one is the Daily Demand and the second one the Weekly Demand.
👉 Failing to claim these --> likely to revisit the Range Low and take some resting liquidity there.
Hope this helped some of you. 💪
Oli 🤙
Let's start! 💻📱
First, let's take a look at the past months for
ETH in comparison to $BTC.👉 After the heavy rise of
ETH in May, we formed a new Range consolidation. This range held for a few months, and was broken out of + retested --> indicating we reamined short term bullish. 👉 We couldn't break an important resistance level and started to lose bullish momentum, shown in the following 2 retest of the Range High. The more we test a support level, the weaker it becomes.
👉 We failed to hold this Range high + made a bearish retest of it --> indicating further short term bearishness.
👉 We have recently bounced of the 0.5 fib level of this range, so I'm expecting this to be the short term bottom for $ETH.
👉 In order to remain bullish, we need to claim a few levels. First one is the Daily Demand and the second one the Weekly Demand.
👉 Failing to claim these --> likely to revisit the Range Low and take some resting liquidity there.
Hope this helped some of you. 💪
Oli 🤙
Note
UPDATE 17/02/2022: We did break the Daily Demand + rejected the Weekl Demand. (scenario 1)
We are currently holding the Daily Demand as support, so as long as this holds, I'm remaining bullish on ETH/BTC.
Will keep this updated.
Oli
Disclaimer
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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.