ETHBTC - Reversion to the Mean Signalling Bullish Continuation?
Updated
Despite BTC's parabolic bull run, Ethereum has shown signs of life on both Bitcoin and Dollar pairs.
Recently, ETHBTC reversed at the 50% Fibonacci retracement level of the previous rally (which also overlaps with the Kijun Sen on this time frame).
This is a textbook pullback, and a bounce at this level normally suggests that the bull trend is likely to continue.
Two obstacles remain:
1) A convincing uptrend will be marked by a Kumo breakout, denoted by the green resistance line.
2) It is not implausible that ETH becomes suppressed again if BTCUSD starts 2018 in a similar fashion to how it ended 2017.
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Apologies for the hiatus - will be posting my ideas here more often.
Recently, ETHBTC reversed at the 50% Fibonacci retracement level of the previous rally (which also overlaps with the Kijun Sen on this time frame).
This is a textbook pullback, and a bounce at this level normally suggests that the bull trend is likely to continue.
Two obstacles remain:
1) A convincing uptrend will be marked by a Kumo breakout, denoted by the green resistance line.
2) It is not implausible that ETH becomes suppressed again if BTCUSD starts 2018 in a similar fashion to how it ended 2017.
---
Apologies for the hiatus - will be posting my ideas here more often.
Note
Played out beautifully.
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