ETH.BTC (Y20.P4.E2).Macro.Next Phase
Updated
Hi All,
This is revisiting the overall macro structure of ETH against BTC, and how we are tracking.
OBSERVATIONS:
====================================================================
> So far, all key levels (aligned with the Fib levels) are respected;
> 7 months of a falling wedge has its breakout;
> 0.236 fib is acting at the main resistance, a strong resistance;
> Like BTC, we expected this pullback aligned to some fib level where it also found a strong resistance and now support;
> ETH.BTC already found the strong rally at the 0.382 level on the micro level;
Note: I'm using ETH\XBT chart as it seems to be better aligned with the fib levels;
THOUGHTS:
====================================================================
> Patience and timing is required;
> Wedge strategy > with the bottom found after many months testing it, we have 3 months of bullish MACD or RSI divergence;
> SP500 seems to be holding;
> BTC is still expected to hold the 10k with a possible spike for a CME gap closure as its a strong buy zone, a expected one (me included);
If this is the case, ETH will continue above this initial wick level;
> Hence ETH.BTC is likely to hold this level which equates to BTC's weekly 21 EMA level;
BEARISH SCENARIO:
===================================================================
> SP500 support collapses and hence BTC breaks down as well; Its possible so caution must be made; tight stops;
> On the weekly, if this happens on the RSI, breaks that weekly trend, then we have a trend reversal; bearish;
Please give me a like or tick for this post;
Cheers,
S.SAri
Weekly Chart:
====================================================================
PREVIOUS POST and set target reached;
PREVIOUS POSTS
===================================================================
ETH.BTC hit target
ETH.USDT hit target
This is revisiting the overall macro structure of ETH against BTC, and how we are tracking.
OBSERVATIONS:
====================================================================
> So far, all key levels (aligned with the Fib levels) are respected;
> 7 months of a falling wedge has its breakout;
> 0.236 fib is acting at the main resistance, a strong resistance;
> Like BTC, we expected this pullback aligned to some fib level where it also found a strong resistance and now support;
> ETH.BTC already found the strong rally at the 0.382 level on the micro level;
Note: I'm using ETH\XBT chart as it seems to be better aligned with the fib levels;
THOUGHTS:
====================================================================
> Patience and timing is required;
> Wedge strategy > with the bottom found after many months testing it, we have 3 months of bullish MACD or RSI divergence;
> SP500 seems to be holding;
> BTC is still expected to hold the 10k with a possible spike for a CME gap closure as its a strong buy zone, a expected one (me included);
If this is the case, ETH will continue above this initial wick level;
> Hence ETH.BTC is likely to hold this level which equates to BTC's weekly 21 EMA level;
BEARISH SCENARIO:
===================================================================
> SP500 support collapses and hence BTC breaks down as well; Its possible so caution must be made; tight stops;
> On the weekly, if this happens on the RSI, breaks that weekly trend, then we have a trend reversal; bearish;
Please give me a like or tick for this post;
Cheers,
S.SAri
Weekly Chart:
====================================================================
PREVIOUS POST and set target reached;
PREVIOUS POSTS
===================================================================
ETH.BTC hit target
ETH.USDT hit target
Note
Short term.Note
Weekly chart update; looking like a support level
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This community has signals now but with no risk management comms.
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