Ethereum and Bitcoin price action charts are know to be very correlated in short and long term. Usually BTC is a leader while ETH is a follower in this relationship. The most important parameter in analysis of ETHUSD is a speed of Ethereum adjustment to Bitcoin price changes. The speed changes according to market phases cycle which shifts from slow to fast and visa versa. This allows us to forecast ETHUSD ups and downs and also reveals a general trend for both currencies.
Analyzing the interval from September 5th to current date we can see a perfect pitchfork channel with a confirmed median line and formed supports and resistances channels. From September 5th till September 10th we can see a slow reaction of Ethereum to Bitcoin price action changes: between 1 and 3 circles at ETHUSD chart we can see a lagging reaction which is confirmed by the 4th circle. It means the market was in a decline phase in the short term thus we could expect a decrease of BTC price with a slow reaction of ETH. Further we see a direct correlation which means market entered consolidation phase and that is why we paused SmartTrade and Scalping trading. Currently the reaction of ETH exceeds BTC price action movements which means the market is in ascending phase thus we can see growth in the mid and long term.
Overall the analysis can be concluded as follows:
Operational short term forecast is negative. We can see a slight dips at ETH and BTC market. Ethereum can go to $358 level while Bitcoin can reach $10 219 zone. Further in the mid and long term we should see growth to current local resistances which are drawn as upper edges of pitchforks
Analyzing the interval from September 5th to current date we can see a perfect pitchfork channel with a confirmed median line and formed supports and resistances channels. From September 5th till September 10th we can see a slow reaction of Ethereum to Bitcoin price action changes: between 1 and 3 circles at ETHUSD chart we can see a lagging reaction which is confirmed by the 4th circle. It means the market was in a decline phase in the short term thus we could expect a decrease of BTC price with a slow reaction of ETH. Further we see a direct correlation which means market entered consolidation phase and that is why we paused SmartTrade and Scalping trading. Currently the reaction of ETH exceeds BTC price action movements which means the market is in ascending phase thus we can see growth in the mid and long term.
Overall the analysis can be concluded as follows:
Operational short term forecast is negative. We can see a slight dips at ETH and BTC market. Ethereum can go to $358 level while Bitcoin can reach $10 219 zone. Further in the mid and long term we should see growth to current local resistances which are drawn as upper edges of pitchforks
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