AllianceBlock: Newly Decoupled Pairings Shifts Our Emphasis
If Ethereum decides to take a breather after this insane weekend surge, I expect good things for this ALBT pairing.
With ETHUSD up 23% on the day at the time of publishing this, a quick look at ALBT shows a decoupling of its USDT pair from its WETH pair. This is mostly as anticipated given the surging ETHUSD and ETHBTC pairings this weekend, but I still felt it worthy to point out how this is setting up.
Our job is to identify entry opportunities that show favorable risk/reward around entry timing. The levels I’ve highlighted on these charts will depend on Ethereum bull exhaustion, and in order nail the entry, it would be prudent to map out ETH/USD and ETH/BTC charts in tandem with these ALBT charts.
ALBT/WETH pairing on the left: We are remarkably close to retesting the golden pocket retracement (Fibonacci level) of around 0.00029 while we are currently underway with its first re-test of the daily 26 EMA after the 12/26 bull cross. These are key entry levels I like to watch for, so I am keen to see how this plays out in the next 48 hours.
ALBT/USDT pairing on the right: The daily 12 EMA is holding up, and is clearly attributable to the strength in ETHUSD this weekend. Whether or not this chart goes back to retest $0.40 will depend on the ALBTWETH pairing, in my view. Bulls are going to want to maintain that daily 12 support if ETHUSD keeps running higher. If ALBTUSDT gets a daily candlestick close below the daily 12 EMA will be a red-flag, and bulls will want to re-evaluate the ALBTWETH golden pocket setup highlighted previously.
With ETHUSD up 23% on the day at the time of publishing this, a quick look at ALBT shows a decoupling of its USDT pair from its WETH pair. This is mostly as anticipated given the surging ETHUSD and ETHBTC pairings this weekend, but I still felt it worthy to point out how this is setting up.
Our job is to identify entry opportunities that show favorable risk/reward around entry timing. The levels I’ve highlighted on these charts will depend on Ethereum bull exhaustion, and in order nail the entry, it would be prudent to map out ETH/USD and ETH/BTC charts in tandem with these ALBT charts.
ALBT/WETH pairing on the left: We are remarkably close to retesting the golden pocket retracement (Fibonacci level) of around 0.00029 while we are currently underway with its first re-test of the daily 26 EMA after the 12/26 bull cross. These are key entry levels I like to watch for, so I am keen to see how this plays out in the next 48 hours.
ALBT/USDT pairing on the right: The daily 12 EMA is holding up, and is clearly attributable to the strength in ETHUSD this weekend. Whether or not this chart goes back to retest $0.40 will depend on the ALBTWETH pairing, in my view. Bulls are going to want to maintain that daily 12 support if ETHUSD keeps running higher. If ALBTUSDT gets a daily candlestick close below the daily 12 EMA will be a red-flag, and bulls will want to re-evaluate the ALBTWETH golden pocket setup highlighted previously.
