I'm going to try and post more about some popular pairings and other large-cap coins.
My initial thoughts on the ETH/BTC pair are bullish. We have broken two key downtrend resistances, with a clean bounce off the first and awaiting confirmation on the second. The cloud is bearish, however there is a kumo-twist in the near term which gives a signal at a potential breakout above the cloud.
The pair saw a nice bull div on that most recent tumble, and we have since rallied. I am now seeing a hidden bearish continuation divergence (higher high on price, lower high on RSI). For this reason I thinking the orange path is the most likely.
Overall, I am long on the ETH pair.
Likely targets would be the 61.8% and 50% retracements from our recent high, 0.112 and 0.108 respectively. Super optimistic/long-term targets would be the 127.2% and 161.8% extensions at 0.13 and 0.14 respectively.
I will post a followup chart looking at the pair from a larger time frame.
*THIS IS NOT TRADING/FINANCIAL ADVICE*
My initial thoughts on the ETH/BTC pair are bullish. We have broken two key downtrend resistances, with a clean bounce off the first and awaiting confirmation on the second. The cloud is bearish, however there is a kumo-twist in the near term which gives a signal at a potential breakout above the cloud.
The pair saw a nice bull div on that most recent tumble, and we have since rallied. I am now seeing a hidden bearish continuation divergence (higher high on price, lower high on RSI). For this reason I thinking the orange path is the most likely.
Overall, I am long on the ETH pair.
Likely targets would be the 61.8% and 50% retracements from our recent high, 0.112 and 0.108 respectively. Super optimistic/long-term targets would be the 127.2% and 161.8% extensions at 0.13 and 0.14 respectively.
I will post a followup chart looking at the pair from a larger time frame.
*THIS IS NOT TRADING/FINANCIAL ADVICE*
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Followup Post:
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Looking bearish.
