For the first time (it feels almost since forever) the Alts managed to 1) Not fall as much, and 2) bounce much stronger than BTC.
In the case of Ethereum, this showed itself on the Daily chart in the direct correlation in ETH/BTC, where we had previously broken out of a Bear Flag:
In ETH/USD, we now have a clear Double Bottom, where the Pullback High(Neckline) perfectly coincides with the previous bottom of the Descending Triangle, turning this into a super S&R Zone, which the bulls have to take out:
We could definitely reject at the current resistance, build higher Lows, and try again.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
In the case of Ethereum, this showed itself on the Daily chart in the direct correlation in ETH/BTC, where we had previously broken out of a Bear Flag:
In ETH/USD, we now have a clear Double Bottom, where the Pullback High(Neckline) perfectly coincides with the previous bottom of the Descending Triangle, turning this into a super S&R Zone, which the bulls have to take out:
We could definitely reject at the current resistance, build higher Lows, and try again.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
