ETHBTC descending triangle break down? Retest soon? To 0.0075
Some weeks ago, I suggested the possibility that in a somewhat bullish market ETHBTC would stay in the yellow zone.
However, since the BTC pump and dump was confirmed (see related charts), the market outlook in my opinion is generally bearish.
Now that ETHBTC has obviously broken down the descending triangle formed since late 2017, it is foreseeable that ETH will continue to fall to the next critical level, roughly 0.0075.
This echoes the ICO market, on which I have talked too much. In short, ICO / IEO are more dead than alive. Without this significant use case, and before asset tokenization really picks up, demand for ETH may keep falling. A further decrease in price is therefore likely.
However, since the BTC pump and dump was confirmed (see related charts), the market outlook in my opinion is generally bearish.
Now that ETHBTC has obviously broken down the descending triangle formed since late 2017, it is foreseeable that ETH will continue to fall to the next critical level, roughly 0.0075.
This echoes the ICO market, on which I have talked too much. In short, ICO / IEO are more dead than alive. Without this significant use case, and before asset tokenization really picks up, demand for ETH may keep falling. A further decrease in price is therefore likely.
Note
Forgot to add that a bounce / rest of the triangle is likely in the coming weeks / days.
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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.