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
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