Ethereum / BitcoinShort
Wounded ETHEREUM ( ETHBTC ) battles on for a truce
Updated
Hello Friends,
I will keep this simple.
If you have seen my previous chart on Bitcoin ( BTC ) on daily frame, the path is clearly downward. (Ref: https://www.tradingview.com/chart/BTCUSD/GdF6kvIk-MA-200-Killed-BTC-Bottom-Revealed-in-a-Simple-Chart/
We all know, when BTC goes down it takes everything else down with it, a major reason why ETHUSD will likely fall apart from the weakness visible in its chart.
The ETHBTC chart however shows further signs of weakness in short term with a death cross of 20 MA and 50 MA and almighty MA 200 violated a day back.
The good part: Immediate support is available at .06864 at 0.786 retracement. If that fails, next major support is at previous bottom at 0.053625. A double bottom is a good sign for upward growth. A relief rally can be expected here. If that fails, next support is way down at .034541 which is 1.272 retracement.
Thank you.
Feedback welcome.
I will keep this simple.
If you have seen my previous chart on Bitcoin ( BTC ) on daily frame, the path is clearly downward. (Ref: https://www.tradingview.com/chart/BTCUSD/GdF6kvIk-MA-200-Killed-BTC-Bottom-Revealed-in-a-Simple-Chart/
We all know, when BTC goes down it takes everything else down with it, a major reason why ETHUSD will likely fall apart from the weakness visible in its chart.
The ETHBTC chart however shows further signs of weakness in short term with a death cross of 20 MA and 50 MA and almighty MA 200 violated a day back.
The good part: Immediate support is available at .06864 at 0.786 retracement. If that fails, next major support is at previous bottom at 0.053625. A double bottom is a good sign for upward growth. A relief rally can be expected here. If that fails, next support is way down at .034541 which is 1.272 retracement.
Thank you.
Feedback welcome.
Trade closed: target reached
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.