For explanation of my idea, see also my last analysis of Bitcoin. The correlation between the two coins (tokens) are very high actually.
in short:
ETH within parallel trend channel - on the lower limit
swinging around fib retracements - taken from last rally and shifting it to the ending point of correction
RSI has been in negative trend since may 16 - but ETH built a new (dubble) top on may 31 - correction has been necessary to close the negative divergence
expecting ETH to break through resistance (fib 23.6% / 252$) and rising to fib 50%, which also is upper limit of trend channel (285$) and an existing swing trend line: resulting benefits: ~ 16%
if ETH continues to follow the move of BTC (supposed a rally take part at BTC), the rise could last on and prices around 365$ are coming in sight - on that level ETH reaches a fib retracement resulting from the big correction in 2018
on daily basis the indicators are still negative!
on 4h-basis indicators have turned up
no trading advice
in short:
ETH within parallel trend channel - on the lower limit
swinging around fib retracements - taken from last rally and shifting it to the ending point of correction
RSI has been in negative trend since may 16 - but ETH built a new (dubble) top on may 31 - correction has been necessary to close the negative divergence
expecting ETH to break through resistance (fib 23.6% / 252$) and rising to fib 50%, which also is upper limit of trend channel (285$) and an existing swing trend line: resulting benefits: ~ 16%
if ETH continues to follow the move of BTC (supposed a rally take part at BTC), the rise could last on and prices around 365$ are coming in sight - on that level ETH reaches a fib retracement resulting from the big correction in 2018
on daily basis the indicators are still negative!
on 4h-basis indicators have turned up
no trading advice