The ETHBTC chart has been on an uptrend since mid March, when we traded around 0.065 (BTC). To add to this, at the start of this month it started making some bigger impulses and retraces, movements on which I’m focusing on in this article.
I want to mention that we’ve been holding pretty well on these retraces, and that the market structure is still bullish. You see I’ve marked two FVGs: one of them got respected and the current one is not tested yet. Two equal lows are marked as well: they give more strength to the uptrend. I’m personally waiting for a reaction at the second FVG and then a new high.
With all that said, there still is one last impulse before we reverse the trend (at least on the 4h). After this bigger retrace, we may slowly make our way up to a new all-time high. Anyway, for a higher timeframe analysis you can check the last Altcoin Wednesdays post.
Last but not least, ETHBTC is printing a strong divergence with Bitcoin, which has been downtrending from $47k. This means that whales are accumulating ETH and selling BTC, which is another sign of strength on a higher timeframe. As I always say, have a good trading!
I want to mention that we’ve been holding pretty well on these retraces, and that the market structure is still bullish. You see I’ve marked two FVGs: one of them got respected and the current one is not tested yet. Two equal lows are marked as well: they give more strength to the uptrend. I’m personally waiting for a reaction at the second FVG and then a new high.
With all that said, there still is one last impulse before we reverse the trend (at least on the 4h). After this bigger retrace, we may slowly make our way up to a new all-time high. Anyway, for a higher timeframe analysis you can check the last Altcoin Wednesdays post.
Last but not least, ETHBTC is printing a strong divergence with Bitcoin, which has been downtrending from $47k. This means that whales are accumulating ETH and selling BTC, which is another sign of strength on a higher timeframe. As I always say, have a good trading!
