If you look back at my ETH post from Jan 31st I said I was selling my ETH for BTC. At that time ETH/BTC chart was around .11 BTC for ETH and now its about .062. So we can now buy 40% more ETH with our BTC despite bitcoin also going down.
ETHUSD
BTCUSD
ETHBTC
On to the chart we are looking at.
RSI on the daily is heavily oversold
Daily Volume is highest since December and we still have a few hours left.
If you look at the Green trend line I created, we bounced right off it. The previous two bounces off this trend line also correlated to oversold RSI so we can take it as a reliable indicator.
My confidence is high with this trade (we all have coins/stocks that we trade better than others and ETH has been my best coin for sometime) but we must always remember that we live in Bitcoins world and if it is not finished going down it will pull us down with it. That being said, I believe we are much closer to ETH bottom if BTC goes down than BTC is and when we do bottom ETH should outpace BTC nicely.
ETHUSD
BTCUSD
ETHBTC
On to the chart we are looking at.
RSI on the daily is heavily oversold
Daily Volume is highest since December and we still have a few hours left.
If you look at the Green trend line I created, we bounced right off it. The previous two bounces off this trend line also correlated to oversold RSI so we can take it as a reliable indicator.
My confidence is high with this trade (we all have coins/stocks that we trade better than others and ETH has been my best coin for sometime) but we must always remember that we live in Bitcoins world and if it is not finished going down it will pull us down with it. That being said, I believe we are much closer to ETH bottom if BTC goes down than BTC is and when we do bottom ETH should outpace BTC nicely.
Comment:
Well we had a flash buy an hour after this post. Got some fills at 568 from my 480ish buys in less than 60mins. Crazy stuff.