Seems like ETHBTC is currently in a tug of war between buyers and sellers and is forming a pennant. I don't like how the last 3 candlesticks look though. Selling pressure is visible but the bulls are buying. Ethereum is still not in overbought zone so another wave up is still possible.
Buy strategy:
Buy when Ethereum breaks out from that thick downtrend yellow line. Put a stop 2% lower from your buying position or the % depends on you.
1st support target:
Area between 0.085 to 0.086670
Buy strategy:
Buy when Ethereum breaks out from that thick downtrend yellow line. Put a stop 2% lower from your buying position or the % depends on you.
1st support target:
Area between 0.085 to 0.086670
Note
If it breaks below support (orange dotted line)Note
then we can see the price go lower before another move upNote
Candlesticks are looking good but volume isn't just there yetNote
Now, we're going down. There was not enough buying demand to push the price up.Note
That pin is a nice reversal indicator. Let's wait for ETH to break out from the top of this pennant.Note
Failed breakout. Shouldnt go lower than .0884Note
If this last candlestick stays green and its next candlestick closes higher, then ETHBTC is good
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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.