ETHUSD Still Outperforming Bitcoin
ETH rallied just under 100% from the resurrection day lows at
360 to high at 713. In that time Bitcoin rallied 50% or so.
Today Bitcoin is down 3.7% at moment and Eth is down 2.9%.
That's impressive price action by ETH for sure. So far at least.
It should be double that decline but it's less than like-for-like.
Whatever the current ratio, it still moves with Bitcoin - which
has hold up at 8800 for ETH to stay overall positive too.
At the moment despite losing the lower parallel and tripping
over its edge Eth is holding up off the first support line at 625
- it's ralled from just above the line towards the underside of
the parallel and been rejected. But it looks unlikley to break
lower still unless Bitcoin in turn breaks below 8800. And if so,
Eth would be likely to fall to 576 and the lower parallel of a
potential flag in the early stages of formation where it
becomes a buy again if tested with stops below by 5 points or
so.
Returning to the upside any break above the upper parallel of
the nascent flag formation at 693 now would be very bullish
and signal further nearer term strength to 869- 89.
Eth is still outperforming though, as today's price action confirms.
ETH rallied just under 100% from the resurrection day lows at
360 to high at 713. In that time Bitcoin rallied 50% or so.
Today Bitcoin is down 3.7% at moment and Eth is down 2.9%.
That's impressive price action by ETH for sure. So far at least.
It should be double that decline but it's less than like-for-like.
Whatever the current ratio, it still moves with Bitcoin - which
has hold up at 8800 for ETH to stay overall positive too.
At the moment despite losing the lower parallel and tripping
over its edge Eth is holding up off the first support line at 625
- it's ralled from just above the line towards the underside of
the parallel and been rejected. But it looks unlikley to break
lower still unless Bitcoin in turn breaks below 8800. And if so,
Eth would be likely to fall to 576 and the lower parallel of a
potential flag in the early stages of formation where it
becomes a buy again if tested with stops below by 5 points or
so.
Returning to the upside any break above the upper parallel of
the nascent flag formation at 693 now would be very bullish
and signal further nearer term strength to 869- 89.
Eth is still outperforming though, as today's price action confirms.
ETH continues to outperform Bitcoin with a straight-line break overnight above the overhead dynamic which has created a 7% rally as a result.
Unfortunately it hasn't quite made it to the 741 line, reaching an overnight high so far at 734. It's a little overbought and so far is holding up around the last highs at 710-705.
It must continue to hold up here to avoid falling back to the break line at 680 before it finds support again and rallies away to the upside once more.
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