Hello, traders!
The correction at ETH/BTC market has shifted to a larger scale of price movement. The price has gone under the MA200 on the daytime timeframe.
Several factors indicate that the asset is under pressure from sellers:
1) Breaking through the support level of 30300 satoshi on the impulse, later descending below 29350 satoshi and its retest from above, thus forming the zone of interest of sellers of 29350-30300 satoshi;
2) LH+ LL series (falling highs and lows) thus confirming the downtrend;
3) The RSI value is in a bearish zone between 30 and 50 on the daily timeframe;
If we look at all the upward movement since May 14, 2020, the current Fibonacci correction level is at 28158 Sat (0.618).
Today the news about the launch of Ethereum 2.0 deposit contract version 1.0 was released, which turned out to be positive for the price.
The local level of 27600 Sat acted as a support and showed the interest of buyers in the asset.
To start the upward movement, buyers need to gain a foothold above the 28600 Sat level, where the sellers' area of interest is 29350-30300 Sat.
We can expect the upward movement of the asset in case of:
- fixing the price above 30300 Satoshi, above the sellers' zone of interest;
- a break of the downtrend;
- fixing above Ma200 on a 1D timeframe.
Otherwise, if the market does not pick up the news and the buyers are not strong enough, the price will continue its correction to the level of 24783 Satoshi (0.786 Fibonacci correction). Which is in the main zone of interest of buyers of 26000-28600 Satoshi. In this range, buyers have been gaining strength for 52 days to enter an upward trend since July this year.
S&P500:
The stock market opened with positive news about Donald Trump's possible victory in the U.S. presidential election, thus correcting the downward movement of the S&P500 index to a ceiling of 0.786 Fibo. RSI values have moved into bullish zone on H4 and D1 timeframes.
The current situation shows that buyers are interested in risk assets, including bitcoin and ether.
Leave your feedback below and watch out for the market!
The correction at ETH/BTC market has shifted to a larger scale of price movement. The price has gone under the MA200 on the daytime timeframe.
Several factors indicate that the asset is under pressure from sellers:
1) Breaking through the support level of 30300 satoshi on the impulse, later descending below 29350 satoshi and its retest from above, thus forming the zone of interest of sellers of 29350-30300 satoshi;
2) LH+ LL series (falling highs and lows) thus confirming the downtrend;
3) The RSI value is in a bearish zone between 30 and 50 on the daily timeframe;
If we look at all the upward movement since May 14, 2020, the current Fibonacci correction level is at 28158 Sat (0.618).
Today the news about the launch of Ethereum 2.0 deposit contract version 1.0 was released, which turned out to be positive for the price.
The local level of 27600 Sat acted as a support and showed the interest of buyers in the asset.
To start the upward movement, buyers need to gain a foothold above the 28600 Sat level, where the sellers' area of interest is 29350-30300 Sat.
We can expect the upward movement of the asset in case of:
- fixing the price above 30300 Satoshi, above the sellers' zone of interest;
- a break of the downtrend;
- fixing above Ma200 on a 1D timeframe.
Otherwise, if the market does not pick up the news and the buyers are not strong enough, the price will continue its correction to the level of 24783 Satoshi (0.786 Fibonacci correction). Which is in the main zone of interest of buyers of 26000-28600 Satoshi. In this range, buyers have been gaining strength for 52 days to enter an upward trend since July this year.
S&P500:
The stock market opened with positive news about Donald Trump's possible victory in the U.S. presidential election, thus correcting the downward movement of the S&P500 index to a ceiling of 0.786 Fibo. RSI values have moved into bullish zone on H4 and D1 timeframes.
The current situation shows that buyers are interested in risk assets, including bitcoin and ether.
Leave your feedback below and watch out for the market!
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.
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.