ETH - The Perfect Hedge Against BTCs Decline!
ETH is proving to be a STRONG hedge against the current BTC drop. We're only on Elliot Wave 2 (finishing up) and momentum seems to be above average. Take note that the volume has substantially decreased, but not enough to keep it from breaking past the .236 fib @ 1212 sats.
MACD indicates that the move is still looking bullish without any clear indication towards a correction. Once the2nd wave correction does occur, it will retrace 20-30% before moving upward towards the ATH @ 1535 sats. IF (and that's a big IF) the momentum and volume does increase in the next few days, along with a bounce of the NEW support line at 1535 sats, we're looking at a new market altogether within this exciting, yet highly uncharted territory.
ETH seems to be a beaming light of hope at the end of what seems like a never ending BTC battle between the bulls and the bears.
MACD indicates that the move is still looking bullish without any clear indication towards a correction. Once the2nd wave correction does occur, it will retrace 20-30% before moving upward towards the ATH @ 1535 sats. IF (and that's a big IF) the momentum and volume does increase in the next few days, along with a bounce of the NEW support line at 1535 sats, we're looking at a new market altogether within this exciting, yet highly uncharted territory.
ETH seems to be a beaming light of hope at the end of what seems like a never ending BTC battle between the bulls and the bears.
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