ETH:BTC Double Top
Updated
In my last BTC/ETH analysis, I suggested that the price would increase to around 2000 satoshis and then I suggested a drop afterwards. Once price hit 2200 satoshis price dropped and quickly recovered. However, it looks like there will be a longer term drop that will occur.
The Chart:
Currently, ETH is having a difficult time crossing the 2200 mark and it is either consolidating or distributing between 2100 - 2200, if price does not hold above the support of 2100 it is highly likely we are going to drop to the next support region which is about 1950. If that region cannot hold, then the price objective of this double top is approximately 1600. As for the RSI, there is a failure swing on the longer time frame, however, if the index cannot hold above 50, then it is a very clean bearish divergence.
Previous Analysis:
Current ETH:USD Analysis:
The Chart:
Currently, ETH is having a difficult time crossing the 2200 mark and it is either consolidating or distributing between 2100 - 2200, if price does not hold above the support of 2100 it is highly likely we are going to drop to the next support region which is about 1950. If that region cannot hold, then the price objective of this double top is approximately 1600. As for the RSI, there is a failure swing on the longer time frame, however, if the index cannot hold above 50, then it is a very clean bearish divergence.
Previous Analysis:
Current ETH:USD Analysis:
Note
Right now it appears like there is a strong chance ETH will shoot through the resistance of 2200. If it does there will be strong movements to the upside.
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