ETHBTC showing upside to come to 0.08 due to W and Triangle
W Formation has formed on the ETH/BTC pair.
There is also an Ascending Triangle, with higher lows and same highs.
We are near the neckline where the price is quite likely to break up and out of.
We have other signs like
7>21 MA
Price>200 MA
RSI>50
Target is for the ETH/BTC to head to 0.08
For those that don't know how it works...
HOW ETH/BTC works
ETHBTC is a trading pair similar to Forex pairs.
With crypto, it represents the exchange rate between Ethereum (ETH) and Bitcoin (BTC).
And as always with trading pairs, there is a primary and secondary coin.
The primary (Ethereum) is how much 1 unit of ETH can be exchanged for a certain amount of Bitcoin.
ETH/BTC
1 / X No. bitcoins.
Right now, the current ETH/BTC exchange rate is 0.06.
This means, 1 ETH is worth 0.06 BTC.
Or conversely, we can see how much 1 BTC is worth in ETH.
To do that we divide the two.
BTC/ETH = 1/0.06 = 16.66 Ethereum per Bitcoin.
ETHBTC works based on the principles of supply and demand in the cryptocurrency market.
The exchange rate is determined by the ongoing buying and selling activity of traders on the exchange platform.
When there is more demand for Ethereum relative to Bitcoin, the ETHBTC price tends to rise.
Conversely, if there is more demand for Bitcoin relative to Ethereum, the ETHBTC price tends to fall.
Right now we can expect the ETH/BTC to go up, which means Ethereum will mostly likely strengthen in the near future compared to Bitcoin.
Hence I expect the price to go to ETH / BTC = 1: 0.08.
There is also an Ascending Triangle, with higher lows and same highs.
We are near the neckline where the price is quite likely to break up and out of.
We have other signs like
7>21 MA
Price>200 MA
RSI>50
Target is for the ETH/BTC to head to 0.08
For those that don't know how it works...
HOW ETH/BTC works
ETHBTC is a trading pair similar to Forex pairs.
With crypto, it represents the exchange rate between Ethereum (ETH) and Bitcoin (BTC).
And as always with trading pairs, there is a primary and secondary coin.
The primary (Ethereum) is how much 1 unit of ETH can be exchanged for a certain amount of Bitcoin.
ETH/BTC
1 / X No. bitcoins.
Right now, the current ETH/BTC exchange rate is 0.06.
This means, 1 ETH is worth 0.06 BTC.
Or conversely, we can see how much 1 BTC is worth in ETH.
To do that we divide the two.
BTC/ETH = 1/0.06 = 16.66 Ethereum per Bitcoin.
ETHBTC works based on the principles of supply and demand in the cryptocurrency market.
The exchange rate is determined by the ongoing buying and selling activity of traders on the exchange platform.
When there is more demand for Ethereum relative to Bitcoin, the ETHBTC price tends to rise.
Conversely, if there is more demand for Bitcoin relative to Ethereum, the ETHBTC price tends to fall.
Right now we can expect the ETH/BTC to go up, which means Ethereum will mostly likely strengthen in the near future compared to Bitcoin.
Hence I expect the price to go to ETH / BTC = 1: 0.08.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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