This week, we'd like to take a local perspective through a look at 
ETHBTC significant drop last week (-7.63%). At the moment the movement is defined by three models.
AMEXP model (green) is located on the weekly timeframe, where we are interested in two levels in the local perspective: 2 point level (0.05115) and 4 point level (0.04622)👇
On the daily timeframe, the current movement is described by the AMEXP model of June 27 (turquoise) and the EXP model of July 7 (yellow).
In the turquoise model we are primarily interested in the level of 1 point (0.05151), level 0.05045 and level 0.04738 (where the price pivoted on July 27)👇
In the yellow model - level 4 point (0.05216) and level 0.044👇
In conclusion, theETHBTC price may now continue to rebound towards at least the trend line of the yellow pattern, and at most to the zone of strong resistance accumulation from 0.05045 to 0.05216. After that, we may see a continuation of the drop to floor targets such as 0.04622 and 0.044👇
Based on this we can conclude that now most altcoins look weak and we don't see any opportunity to accumulate additional speculative positions - we will continue to work from the accumulated shorts.
Also, a reminder of the open GEP's onBTC1! at $57,805 and $65,835 that continue to be strong magnets👇
ETHBTC significant drop last week (-7.63%). At the moment the movement is defined by three models.AMEXP model (green) is located on the weekly timeframe, where we are interested in two levels in the local perspective: 2 point level (0.05115) and 4 point level (0.04622)👇
On the daily timeframe, the current movement is described by the AMEXP model of June 27 (turquoise) and the EXP model of July 7 (yellow).
In the turquoise model we are primarily interested in the level of 1 point (0.05151), level 0.05045 and level 0.04738 (where the price pivoted on July 27)👇
In the yellow model - level 4 point (0.05216) and level 0.044👇
In conclusion, the
ETHBTC price may now continue to rebound towards at least the trend line of the yellow pattern, and at most to the zone of strong resistance accumulation from 0.05045 to 0.05216. After that, we may see a continuation of the drop to floor targets such as 0.04622 and 0.044👇Based on this we can conclude that now most altcoins look weak and we don't see any opportunity to accumulate additional speculative positions - we will continue to work from the accumulated shorts.
Also, a reminder of the open GEP's on
BTC1! at $57,805 and $65,835 that continue to be strong magnets👇Trade closed: target reached
All goals have been achieved😎
📈 Investing is easier than you're used to
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🌐 tsfc.io
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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.
📈 Investing is easier than you're used to
🌐 tsfc.io
🌐 tsfc.io
Related publications
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.