Coiled Spring Ready To Strike
Based on news and fundementals, we are currently in a range market with huge uncertainty due to Aug 1 BTC/BCC split. Alt coins are losing volume and steam as cash is moving towards BTC and out into private wallets.
However, ratio of ETH/BTC is oversold and there is a strong potential for huge moves in the near future. We need to wait for our moment.
Should BTC come out of August with strong prospects, we can expect huge upwards movement in BTC and leaving altcoins behind near term, thus lowering eth/btc ratio.
However, support is very strong at 0.073 -0.075 levels and I would be hesitant to short. Should support break down, we can expect the next near term support level to be at 0.065.
On the other hand, should BTC suffer a devaluation due to the fork, we can expect the entire market to follow suit in a bearish trend. However, in terms of ETH/BTC, the strong support level should hold and we should be ready for an upwards movement to test the recent resistance zone at 0.094.
I suggest to be very careful and be updated with any news announcements. Should you decide to go long in the ratio, wait for reversal confirmations with indicators like RSI and MA cross. We can set profit taking levels at the resistance zones of around 0.095 and if volume picks up with bullish news, we can expect a strong challenge to break the resistance and move towards 0.1 ratio levels. We can also decide to implement a trailing stop loss at that resistance level to maximize profit instead of exiting the trade.
However, ratio of ETH/BTC is oversold and there is a strong potential for huge moves in the near future. We need to wait for our moment.
Should BTC come out of August with strong prospects, we can expect huge upwards movement in BTC and leaving altcoins behind near term, thus lowering eth/btc ratio.
However, support is very strong at 0.073 -0.075 levels and I would be hesitant to short. Should support break down, we can expect the next near term support level to be at 0.065.
On the other hand, should BTC suffer a devaluation due to the fork, we can expect the entire market to follow suit in a bearish trend. However, in terms of ETH/BTC, the strong support level should hold and we should be ready for an upwards movement to test the recent resistance zone at 0.094.
I suggest to be very careful and be updated with any news announcements. Should you decide to go long in the ratio, wait for reversal confirmations with indicators like RSI and MA cross. We can set profit taking levels at the resistance zones of around 0.095 and if volume picks up with bullish news, we can expect a strong challenge to break the resistance and move towards 0.1 ratio levels. We can also decide to implement a trailing stop loss at that resistance level to maximize profit instead of exiting the trade.
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