ETH/BTC (Bittrex) - 1D - This is the bottom, upwards and beyond.
ETH/BTC pair has followed this arch of resistance to a very strong support at ~0.067 bouncing off it 5 times now. On the daily chart, Stoch RSI is oversold priming us for a reversal to the upside in the lead up to the October 17 Metropolis release.
We may see some resistance around the 0.075 range as we break through this arch resistance line to the upside. Look to take some profits at the major resistance (and fib retracement lines) at 0.088 (23.6%), 0.1 (38.2%) and finally 0.11 (50%).
We'll reevaluate the trend as we reach our targets. Towards the end of November we'll have a better picture of what will unfold with BTC 2x and how this will effect the entire crypto market taking us out to the end of the year.
We may see some resistance around the 0.075 range as we break through this arch resistance line to the upside. Look to take some profits at the major resistance (and fib retracement lines) at 0.088 (23.6%), 0.1 (38.2%) and finally 0.11 (50%).
We'll reevaluate the trend as we reach our targets. Towards the end of November we'll have a better picture of what will unfold with BTC 2x and how this will effect the entire crypto market taking us out to the end of the year.
Comment:
Seems people are FOMO'ing into BTC from alts possibly because of upcoming Bitcoin Gold and B2X air drops. Slight hiccup on the way up. Great entry below 0.06 if you caught it.
Trade closed manually:
Underestimated the effect of bullish bitcoin on the price of Etherium and overestimated the effect of the Metro update. Closing this one out.
Hope some of you managed to jump on board.