Similarly to Bitcoin (idea below), ETH is closely approaching the end of this pennant. The textbook says usually a pattern/structure like this breaks once price moves 70% of its length or thereabout.
Therefore we should not be far from some exciting price action this weekend. Can BTC/ETH break resistance?
Right now ETH is sitting and having a chat with the Fibonacci support line. Seems to hold us well right now. Once the chat is over, my bias is that ETH will likely make an attempt at our resistance.
Otherwise, we have support to save the day, again.
The indicators on daily timeframe are similar to BTC... RSI making higher lows (bullish) and MACD is curving up... therefore, slowly, the bias is turning bullish, especially if we start hitting the resistance.
We may not crack it at first try, but that is a good sign for bulls. We will re-assess once that happens.
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Therefore we should not be far from some exciting price action this weekend. Can BTC/ETH break resistance?
Right now ETH is sitting and having a chat with the Fibonacci support line. Seems to hold us well right now. Once the chat is over, my bias is that ETH will likely make an attempt at our resistance.
Otherwise, we have support to save the day, again.
The indicators on daily timeframe are similar to BTC... RSI making higher lows (bullish) and MACD is curving up... therefore, slowly, the bias is turning bullish, especially if we start hitting the resistance.
We may not crack it at first try, but that is a good sign for bulls. We will re-assess once that happens.
Like and follow if you liked this idea!
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