ETH/BTC daily outlook 7/5/2020
Hey everyone! Welcome to my analysis of ETH/BTC on the daily time frame. I havent paid alts much attention but I decided I would try to keep things fresh. If you want me to chart an alt let me know and I will add to the list. Its already a pretty long list so bear with me folks. Im just trying new things. ETH has had a lot of momentum behind it lately. Traders and long term investors seemingly are wanting in before the incredible "Ethereum 2.0" arrives on the scene. I am not the most technical guy and Im bad at telling people all the reasons why this will make ETH a better platform but it is causing a stir that is driving up volume.
Typically when big things happen it can stir up interest in the coin and cause the volume to rise. Especially around a coin as big as ETH. ETH is the 2nd biggest coin in terms of market cap and at one point it was thought that ETH may rocket to the top of the charts. While that has yet to materialize we can see that ETH may not be so locked to BTC movements for the near future. I have seen many periods where ETH is almost a carbon copy of BTC movements. This may not be the case as ETH has a lot of hype around it at the moment and as a result may move differently than BTC.
Now looking at the chart I notice that we are in an obvious triangle pattern. Consolidation is what I call it. We are coasting along here at the 225 USD (.025 BTC) which is pretty much par for the course lately. We have seen some swings but for the most part have remained above 200 dollars. This is the ETH/BTC chart and its much different that the USD chart. Most alts I tend to use the BTC pairing but with bigger ones like ETH traders use the USD chart too. It doesnt look as bullish to me on the USD charts as we are really testing the daily 50 MA and the top border of the daily cloud. If that can hold we may see that jump that looks pretty evident on the ETH/BTC pairing (not so evident on the ETH/USD pairing though)
We could still head into the daily cloud on this chart if we cannot escape the pattern and soon. Tonights weekly close will almost certainly be above the weekly 50 MA but well within the grasp of the weekly cloud. To escape the weekly cloud and create the fomo that traders love to see I think we need to see ETH in the 280 + area. I could be wrong but if it got up to that point fomo can take it to some scary heights. If that ever does happen make sure you are near your CPU. Take that profit before that wick shows up. I know I went back and forth on pairings through this analysis but the ETH pairings are the only one I typically do this with as the USD and the BTC pairings are both important IMO. But with any alt below ETH I stick with BTC pairings.
We still have plenty of support below us so even if we do head south I dont think it will be a free fall. But you need to be prepared for anything. Right now ETH/BTC looks decent but we all know how crypto is a heartbreaker. Dont get caught without a stop loss. I will start doing one or 2 alts a week to start off with. I will still do BTC as well. I will see how this goes. I hope you understand I get a lot of requests and Im listing them as I see them so I will do my best to do them in order I receive them. I will likely do the daily time frame unless you specify a time frame with the request. Thanks and have a good one everyone! WTFDIK
Typically when big things happen it can stir up interest in the coin and cause the volume to rise. Especially around a coin as big as ETH. ETH is the 2nd biggest coin in terms of market cap and at one point it was thought that ETH may rocket to the top of the charts. While that has yet to materialize we can see that ETH may not be so locked to BTC movements for the near future. I have seen many periods where ETH is almost a carbon copy of BTC movements. This may not be the case as ETH has a lot of hype around it at the moment and as a result may move differently than BTC.
Now looking at the chart I notice that we are in an obvious triangle pattern. Consolidation is what I call it. We are coasting along here at the 225 USD (.025 BTC) which is pretty much par for the course lately. We have seen some swings but for the most part have remained above 200 dollars. This is the ETH/BTC chart and its much different that the USD chart. Most alts I tend to use the BTC pairing but with bigger ones like ETH traders use the USD chart too. It doesnt look as bullish to me on the USD charts as we are really testing the daily 50 MA and the top border of the daily cloud. If that can hold we may see that jump that looks pretty evident on the ETH/BTC pairing (not so evident on the ETH/USD pairing though)
We could still head into the daily cloud on this chart if we cannot escape the pattern and soon. Tonights weekly close will almost certainly be above the weekly 50 MA but well within the grasp of the weekly cloud. To escape the weekly cloud and create the fomo that traders love to see I think we need to see ETH in the 280 + area. I could be wrong but if it got up to that point fomo can take it to some scary heights. If that ever does happen make sure you are near your CPU. Take that profit before that wick shows up. I know I went back and forth on pairings through this analysis but the ETH pairings are the only one I typically do this with as the USD and the BTC pairings are both important IMO. But with any alt below ETH I stick with BTC pairings.
We still have plenty of support below us so even if we do head south I dont think it will be a free fall. But you need to be prepared for anything. Right now ETH/BTC looks decent but we all know how crypto is a heartbreaker. Dont get caught without a stop loss. I will start doing one or 2 alts a week to start off with. I will still do BTC as well. I will see how this goes. I hope you understand I get a lot of requests and Im listing them as I see them so I will do my best to do them in order I receive them. I will likely do the daily time frame unless you specify a time frame with the request. Thanks and have a good one everyone! WTFDIK
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