EthBTC Ready to take off to Moon. One last hurdle along the way
Hi guys,
Etherium is looking to shine against btc but it still needs cross one major hurdle before taking off as per my analysis
First of all, Etherium is at major support level. Tons of support came in to protect it from losing ground.
1. Weekly Ichimoku cloud, which previously acted as support really well
2. Trend line Support
3. Trend line resistance turned support
4. Horizontal support level.
So we got the support whats next.
Next would be the hurdles along the way and the first and major one is where the market is currently at .034300-.034500 sats. Its a resistance of base line of ichimoku, previously acted as strong resistance. Once we close above then the outlook of ETHBTC will be very positive.
On the other hand, If you look at Ethusd chart and its monthly candle, It has formed a bearish pinbar and in order to be bullish market has to close above $1800 this week.
The current price at 1730-1780 is strong resistance of .618 fib level.
So Ethusd and Ethbtc is both currently at resistance and let it cross resistance this week or at least first few days of the week.
You will get a favourable condition to go long one Ethusd cross 1800 and daily candle close above it
or
Ethbtc close above .03600 on daily and on weekly
Now discuss about the targets
I have drawn Elliot waves which are very powerful tool to analyse the market.
Obviously this is a bullish count and the market is still under favourable conditions.
FIrst target would be .05500 sats followed by .07500 sats
Caution
This week is very crucial and market can take downturn as well so keep that in mind.
Btc still trying to cross major resistance at $50,000.
if it fails, it will go back and trying to form support at around 41k levels
Trade safe Guys,
Have a great day.
Please like and subscribe for more analysis
Etherium is looking to shine against btc but it still needs cross one major hurdle before taking off as per my analysis
First of all, Etherium is at major support level. Tons of support came in to protect it from losing ground.
1. Weekly Ichimoku cloud, which previously acted as support really well
2. Trend line Support
3. Trend line resistance turned support
4. Horizontal support level.
So we got the support whats next.
Next would be the hurdles along the way and the first and major one is where the market is currently at .034300-.034500 sats. Its a resistance of base line of ichimoku, previously acted as strong resistance. Once we close above then the outlook of ETHBTC will be very positive.
On the other hand, If you look at Ethusd chart and its monthly candle, It has formed a bearish pinbar and in order to be bullish market has to close above $1800 this week.
The current price at 1730-1780 is strong resistance of .618 fib level.
So Ethusd and Ethbtc is both currently at resistance and let it cross resistance this week or at least first few days of the week.
You will get a favourable condition to go long one Ethusd cross 1800 and daily candle close above it
or
Ethbtc close above .03600 on daily and on weekly
Now discuss about the targets
I have drawn Elliot waves which are very powerful tool to analyse the market.
Obviously this is a bullish count and the market is still under favourable conditions.
FIrst target would be .05500 sats followed by .07500 sats
Caution
This week is very crucial and market can take downturn as well so keep that in mind.
Btc still trying to cross major resistance at $50,000.
if it fails, it will go back and trying to form support at around 41k levels
Trade safe Guys,
Have a great day.
Please like and subscribe for more analysis