Possible quick wick dump on BTC and continued weakness in ETH
It's possible for BTC to have a bit of a dump and when it happens, ETH could incur a substantial loss due to a weakness in the ETHBTC pair which dictates the upside potential for ETH. It's possible to see ETHUSD dump quite significantly if BTC is to have a flash wick dump if ETHBTC continues to be in weakness. Based on a white energy and red RSI race, one might surmise that it's possible to see continued downward pressure on ETHBTC and the correction in this pair could continue until signs of recovery surface, which also means that ETH would continue to show weakness, either in the form of not really pumping as BTC continues to surge, and/or dump a lot more than BTC does when BTC dumps.
Thank you for listening to my rambling on my take on BTC and ETH in this local area. My opinion are however not financial and trade advices. I serve only to give a viewpoint with my interpretation of the indicators at my disposal. I hope I have added useful information to your information base from which you make trade decisions.
First indicator is Phoenix 1.119 from user @WyckoffMode. Third and fourth indicators are from @Mtrl_scientist. They are thanked for giving me permission to use their private indicators.
Thank you for listening to my rambling on my take on BTC and ETH in this local area. My opinion are however not financial and trade advices. I serve only to give a viewpoint with my interpretation of the indicators at my disposal. I hope I have added useful information to your information base from which you make trade decisions.
First indicator is Phoenix 1.119 from user @WyckoffMode. Third and fourth indicators are from @Mtrl_scientist. They are thanked for giving me permission to use their private indicators.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.