ETHBTC Engulfs Out of Former Resistance

Ethereum put in a solid up-day to start the week, engulfing Saturday and Friday's bear candles and briefly breaching Thursday's high. Fierce bullish reaction from the former resistance zone suggests buyers are still in control and we are looking for a retest of the highs and continuation over the coming days.

Initial resistance is the record daily close at .1058, followed by the record high just shy of .113. A break above there would target the .14 handle. This is the 200% extension of the recent correction, as well as the point where the leg up from the May lows is roughly double the initial Dec '16 - Mar '17 rally (.1398). Bare in mind though, we are essentially charting the uncharted here and anything is possible: we could easily fail before there, or continue to plow higher. Whatever happens, it's been a great trade already.

Initial support is the .81 - .865 former resitance zone, marked by Saturday's low and the May 22 and 24 highs. A break below .81 would turn us neutral on this pair and likely signal a more prolonged period of consolidation.

Longer term we remain extremely bullish . We purchased a little bitcoin to top up a margin position on this pair on Sunday and the transaction cost 7% and took 45m to complete. We did the same again today, looking to once again top-up margin and add to our ETHBTC long. This time we chose to fund our margin account with Ethereum ... the transaction cost just 0.7% and only took 8 minutes to complete. In other words for a small transaction like this, Ethereum is 10x cheaper and nearly 6 times faster. Is it any wonder Ethereum is on the rise against Bitcoin?

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